All Forum Posts by: Ying Cheng

Thank you Nathan, Chris and Greg for your response, it definitely help us to think it through. The home was appraised with the smaller SF at the sales contact value. Our agent told us the seller's agent got the SF from he county record, however she overlooked what the actual living SF is. Now we have an another issue with the title that has a city violation record hasn't been cleared. The seller was running STR business without city permit and got $8000 fine. We were told the seller has paid the fine however it's not recorded to clear the violation. The closing is on September 15th, and our agent gave us a few options, 1) ask seller to deposit extra funds in escrow to cover any additional fees and close as scheduled. 2) delay the closing date as long as we are in the rate lock period. 3) walk away if we can't close on time with loss of paid inspection and appraisal. Any input?

Hi Biggerpocket family, here's the situation and I would like to ask if anyone has any suggestions.

We made an offer on a house out of state, gone through the inspection and appraisal. On the appraisal report, the living area is 1681 Sq ft, however on the listing it says 1998. We brought this to our agent's attention and verified the county record, 1681 is the total square footage of attached, livable area excluding balconies, porches, garages, car ports, elevators, and utility rooms. Going through the listing again, it does not specify 1998 square footage is an adjusted building square-footage that is calculated from air-conditioned and non air-conditioned space. At this point, we feel the listing information was misleading and we are paying for a house that has less square footage even though it was appraised at the value. Any thoughts? 

Hi everyone, I am currently looking at a 8 units apartment, the current rent is below the market rent. Which rent roll will the lenders use for underwriting?