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Buying or Selling a Home/Selling real estate in Nevada without a permit for a granny unit
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Question
My mother and father had 2 houses in Nevada. They have both passed away, and have left them in a living trust to myself 20% and others the 80% remainder. The house was sold to them for approximately 325,000. The house has a granny unit which does not have a permit. I don't believe that they were aware of this when they purchased the home, which they bought with cash. When the house was put on the market, it eventually sold for 249,000, however, the deal fell through when the bank refused the loan to the new buyers because of the unlicensed granny unit. The house has a reverse mortgage of 118,000, and has to be sold by March or else we lose it. What are my options? By the way, the same person who sold it to my folks are the ones that are trying to resell. We asked a few months ago if there were permits for the unit, and she assured us there were. What to do? Thank you
Dear Darren;
The seller who represented that the suite was permitted could run the risk of a law suite for fraud or misrepresentation. However...trying to prove that now is probably impossible. My advice is to contact city planning and ask what you can do to get a permit for the suite. It may involve some retrofitting and changes to bring things up to code. It most certainly will involve inspections and costs. You should talk to an estate attorney and determine whether this is financially prudent based upon your tax situation, inheritance, and financial responsibilities to pay off the reverse mortgage.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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