I'm just concerned that the mortgage appraisal price will end up being higher with 4 bedrooms, and I will not be able to negotiate lower because of the 4 bedrooms.
But in reality I will be getting a 3 bedroom after the family room add; so if the mortgage appraisal comes in lower with a 3 bedroom then I can negotiate a lower price easier.
In the purchase contract; could I have a contigency that states the family room must be completed prior to closing, and needs to be re-appraised at 3 bedrooms?
Due to our circumstances, it would work better for us to include this family room add in the purchase price.
My only concern is my mortgage loan office will get an appraisal based on the current 4 bedroom setup, so I'm guessing the appraisal value will be higher than what it would actually appraise for after the family room is added and there are only 3 bedrooms instead of 4 bedrooms; right?
The current homeowners would be willing to convert 4th bedroom and extra available space on the 1st floor into one large family room before the closing; which would make the house more appealing.
But my main concern is the house has a listing price currently included a 4 bedrooms; which I think would usually list higher than a 3 bedroom house. So if they remove this 4th bedroom and put a family room; I don't want to end up over paying since it is really not a 4 bedroom house anymore but a 3 bedroom house that I would be purchasing.
I compared other homes in the area and I see 3 bedroom homes are priced a lot lower than homes with 4 bedrooms.
In order to answer the question with conviction, I would need to know valuable information such as the current market place, target buyer, current inventory etc.... It wouldn't do you any justice for anyone to just throw a yes or a no out there without first accessing the entire situation- an taking ALL FACTORS into consideration.
Prudential NJ Properties
973 650 1683- cell
If you are thinking about doing this for the next owners, and selling soon; don't do it.
If you want to move, and you are not happy with your present layout; go find a floor plan you like.