Ralph Gorgoglione

There are many times when a home has a substantial amount of square footage that is not reflected on title information.

It could or could not be permitted, but the main issue is how to deal with it when appraisal time comes around.

I spoke to a few appraisers regarding this issue and the consensus is that if the extra square footage is not permitted, then they really cannot give it any value.

So in essence, the value has to come from the prospective buyer. If they love the home enough, they are more than likely going to have to come up with the extra cash deficit that the bank will not lend on that was agreed to on the purchase contract.

Either that or both parties will have to re-nogetiate price, if that's even possible.

As a listing agent, it's probably best to see if it's possible that the extra square footage is possibly permitted from county records.

Another approach is to disclose that the buyer will have to verify permits on their own.

But the best thing to do is discover as much as possible and put it all out on the table.

Non-disclosure is a recipe for disaster.......................

Seller rent-backs are used when the seller, for several reasons, needs to occupy the home after escrow closes.

This usually happens when the seller has logistical reasons that prohibit them from vacating the property after a normal 30-45 day escrow. Perhaps they need more time to move, or need more time to find a home of choice.

Rent-backs can be a deal-saver in certain situations when there is a wrench thrown into the escrow process due to move-in/move-out logistics between buyer and seller.

There is a proper form to fill out for this purpose that is part of your California Association of Realtors standard forms called a Residential Lease After Sale.

The important thing to remember is that the buyer's lender will, in most cases, either not allow a rent-back longer than 30 days, or perhaps not allow a rent back to be part of the contract altogether.

This probably stems from the fact that the buyer has agreed to purchase the home and obtain a loan from the lender, stipulating that it will be there primary residence. And anything that smells like a rental is a different situation to the lender entirely.

Be sure to check with your lender with their guidelines in this matter.

It may be best to try and write the longest possible escrow period that the buyer's lender will allow, if that will help the sellers moving logistics without having to deal with a rent-back at all.

If it's absolutely necessary, some people have found a lease solution to be drawn up completely outside of escrow. But once again, you may run into trouble with the buyer's lender if this is not handled properly.

The amount of rent is calculated by either agreeing to a price that is based on comparable closed leases in the area, or by calculating the new buyer's PITI (Principle, Interest, Taxes, and Insurance) per day to calculate a monthly rent-back amount.

Just remember, when this happens, the new buyer of the home by default, puts themselves into an applied landlord/tenant scenario, which creates a different legal spin completely.

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The benefits they offer include lower pricing, a great warranty and more importantly, the occupants need not move out of the home.

I think you will find the website, www.greentermitecontrol.biz very informative and useful in discovering the benefits of green termite control.

Dear Dogs and Cats:

The dishes with the paw prints are yours and contain your food. The other dishes are mine and contain my food. Placing a paw print in the middle of my plate and food does not stake a claim for it becoming your food and dish, nor do I find that aesthetically pleasing in the slightest.

The stairway was not designed by NASCAR and is not a racetrack Racing me to the bottom is not the object. Tripping me doesn't help because I fall faster than you can run.

I cannot buy anything bigger than a king sized bed. I am very sorry about this. Do not think I will continue sleeping on the couch to ensure your comfort, however, dogs and cats can actually curl up in a ball when they sleep. It is not necessary to sleep perpendicular to each other, stretched out to the fullest extent possible. I also know that sticking tails straight out and having tongues hanging out on the other end to maximize space is nothing but sarcasm.

For the last time, there is no secret exit from the bathroom! If, by some miracle, I beat you there and manage to get the door shut, it is not necessary to claw, whine, meow, try to turn the knob or get your paw under the edge in an attempt to open the door. I must exit through the same door I entered. Also, I have been using the bathroom for years--canine/feline attendance is not required.

The proper order for kissing is: Kiss me first, then go smell the other dog or cat's butt. I cannot stress this enough.

Finally, in fairness, dear pets, I have posted the following message on the front door:

TO ALL NON-PET OWNERS WHO VISIT AND LIKE TO COMPLAIN ABOUT OUR PETS:

(1) They live here. You don't.
(2) If you don't want their hair on your clothes, stay off the furniture. That's why they call it 'fur'-niture.
(3) I like my pets a lot better than I like most people.
(4) To you, they are animals. To me, they are adopted sons/daughters who are short, hairy, walk on all fours and don't speak clearly.

Remember, dogs and cats are better than kids because they:

(1) eat less,
(2) don't ask for money all the time,
(3) are easier to train,
(4) normally come when called,
(5) never ask to drive the car,
(6) don't smoke or drink,
(7) don't want to wear your clothes,
(8) don't have to buy the latest fashions,
(9) don't need a gazillion dollars for college and
(10) if they get pregnant you can sell their children...

Once again, it's Ralph's Rhyme Time.

Make up a clever rhyming phrase or story for "short sale" and post it here.

You can put the phrase either before or after "short sale"

Let's see how creative we can get.

No duplicates allowed, so make sure you read everyone's post before posting, or you're a big Ol' LOSER!!

For example, I'll start: "It feels like I got hit in the head with a nail, after 9 months of waiting on my sellers short sale"

OK, Active Rain Peepsters......LET'S SEE WHATCHA GOT...................