Real Estate Law
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HelloThis is Samuel. I am unclear as to what happened? It sold in 2005 as a 2 bdrm and then when you bought it was deemed a 3 bdrm but now it is isn't appraising at a 3 bdrm. Why isn't it? How did you lose a bdrm?
they say it needs its own entrance to be a bedroom,and you have to go through a bedroom to get to the (3rd) bedroom, so technically its not a bedroom. it sold in 2005 for 28k. i bought it one year later for 60k. it now say s worth around 40 as a 2 br. is the bank liable for misleading or not getting the right info?
Thank you. If the bank had an appraisal on the property and it was mortgaged based on the appraisal as a 3 bedroom, then yes I suggest the bank could bear some responsibility. I suggest, it would behoove you to at least consult with a local attorney to review all the documents, including the appraisal and what the bank was relying on when the mortgage was given.