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What would you do? Addition Issues.
Here is the situation...... I received an order, set up an appt. go out to the property and...... Addition in progress! The lender and the home owner failed to mention this. (FYI this is after a 45 minute drive, and a heck of a time looking up homes of that size in the area) When I pulled up to the house, you can just see major construction going on. They basically turned the old garage into a great room, added a Den, a 2nd foyer, 2nd bath, laundry room, pantry, a mud room and finally a 4 car garage in the rear (attached). The house's total sq ft is 3445, with about 1500 sq ft being the new addition (w/o the new 4 car attached garage of course). I immediately contact the lender and explain the situation, and they make it seem like they knew about it and its no big deal (so of course I assume the only logical thing which is the borrower may be getting a home equity type loan for improvements) So I proceed with my work, get back to the office and send them the report with it being "subject to completion". I immediately get a call back from the lender saying what the ... more
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