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Unpermitted Additions, Can I get financing?
 

There is a 2,500 square foot home for sale in my neighborhood that has been on and off the market for over 2 years. Priced at only $140,000, this 16 year old home on over 2 acres seems too good to be true. This home has been listed by at least 3 different agents and has fallen out of contract numerous times.  Why? The description contains “Additional bedrooms and square footage other than noted with assessor!” Is this why it hasn’t sold? You couldn’t duplicate this home for twice the money and yet it continues to fall out of contract.  
I regularly see homes listed for sale with unpermitted additions. If you are considering one of these homes, there are a number of things you need to consider. Most municipalities require a building permit prior to starting an addition or alteration to a structure. If you purchase a home with an unpermitted addition; you may be subject to paying an investigative fee in addition to the permit fees.  If the new owner voluntarily discloses the unpermitted work within 90 days of receiving ownership, the building official may waive the investigative fee. The 90 day period for disclosure does not begin until the ... more

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