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Cosmic, Home Buyer in Outside U.S.

How can one absolutely ensure a listed multi family property is a legal multi family property?

Asked by Cosmic, Outside U.S. Mon Mar 29, 2010

How can one absolutely ensure a listed multi family property is a legal multi family property?

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hi....would suggest two things ...number one...call the city or township where the property is located and ask them how it is listed...(and zoned-if it is a four unit or less, then it would qualify for standard mortgage financing...if it is a five unit or more, it would need a commercial loan.) two unit, three, etc, etc...also...ask a local real estate appraiser to do a walk-thru to see if it conforms..the appraiser would charge a nominal fee...but at least you could find out all the facts you are looking for..and some idea of the going rents..best regards........bob mcclure- first preferred mortgage- southfield, michigan....
0 votes Thank Flag Link Mon Mar 29, 2010
It is the township, NOT a realtor that can answer that question definitively. Though the listing agent should check important details like this prior to listing, it is not always done. Sometimes agents rely on what the seller tells them. Yes, do ask the agent, and if you have a buyer's agent - and I recommend that you do - ask her to research as well. But the very best thing for you to do is to also do your own due diligence to be sure you are buying what you think you are. It would be a huge bummer, and a big waste of time & money in a very attractive buyer's market to find out late in the process that you've got a problem.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Fri Oct 22, 2010
Yep, asking a Realtor is the best way to find out. They will contact the town or city to verify.
0 votes Thank Flag Link Fri Oct 22, 2010
You can always ask a Realtor to check records for you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Mar 29, 2010
Check the local public records/building department, check zoning, ask for permits/co's from owner, title search, etc.
0 votes Thank Flag Link Mon Mar 29, 2010
Recommend to check the county tax records provide property description.

If not a single family home obviously by picture some duplex can be incorrectly listed in MLS

GREAT Question

Lynn911 Dallas Realtor & Consultant,
The Michael Group - Dallas Business Journal Top Ranked Realtors
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 29, 2010
Hire a lawyer to check the zoning and to check to see whether the proper permits were pulled if the property was converted from a single-family or smaller unit.
0 votes Thank Flag Link Mon Mar 29, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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