11-12-2012 09:23 AM
11-13-2012 09:59 AM
You're asking these questions because you instinctively know that something's not right about this situation. Which agent are you referring to - the listing agent or your agent? You should have your own agent and he/she should be getting to the bottom of the square footage and permit issues for you - if he/she isn't then you need another agent. If there are indeed permits for the addition then you can go pull them and look at them yourself. If there are permits for the addition then the county would have or should be in the process of reassessing the property at the new square footage. There would be a paper trail of all of the above if, in fact, square footage was added.
You have to remember that the investor is interested in one thing and one thing only - his profit margin. No doubt he bought this property for cash, put a minimal amount of money into it, and wants maximum profit out of it. Be careful with this situation and get a really good agent. Lots of people on this forum have good agents they can refer you to.
11-13-2012 05:19 PM
Those who have never lived in or rented out the home are exempt from disclosures. In the case of renting out they only have to disclose what they know and they likely know little. The reason they are exempt is because they don't know. If they do know something they have to disclose it.
Go to the local building department and ask to see the permits for the garage attict living space. These permits should include plumbing and electrical. Permits means that the area would be included in the square footage and an error has occured on the public records. Public records can be wrong.
If permits can't be located then it might be difficult to get a mortgage if the property doesn't appraise without the square footage. The lack of permits might be a negotiating point with the seller. Because they now know the structure or portions of the structure are not permitted they will have to disclose it. Be sure to get something from the building department that the garage and/or attic living space is not permitted to back yourself up. Otherwise it doesn't work.