Tip of the Day!!!

Hi,   This is a pretty simple Tip of the Day,  but you’d be surprised how many times I’m asked this question,   so  I thought I’d send it out as a Tip   :o)   

 

 Question :  Property has an illegal garage conversion,   therefore the file cannot go  Conventional Financing. 

             Do you have any other advise of what we would require prior to close ?  

 

 

Answer:  If the garage is converted without permits, we are generally ok so long as the appraiser

                                  comments that it was done in a workmanlike manner and there are no health or safety issues.  No value can be given to the unpermitted garage (so no adjustments on the comp grid ).

 

Hope you find this information helpful, call me with any questions.

 

CAMILO MORENO

Mortgage Professional

Purchase Money Specialist

Great western Bancorp Inc.

6033 W. Century Blvd # 700

Los Angeles CA 90045

310 216 1700 ext 116

310 216 1750 Fax

www.gwbmortgage.com