What is the name of your state? Oregon
I am representing the seller of a very nice split level home on 3 acres. The home was built in 1977 and has a well and septic. The buyers had their inspections and came back with the fact that they wanted the seller to bring attic insulation and the electrical to the pumps at the septic up to current code. The house is presently up to 1977 code on everything. The seller doesn't feel that they need to bring those items up to current code and considers this to be an unnecessary upgrade. If buyers wanted a new house they should have bought a new house.
In the meantime I checked with a lender that I use almost 100% and she said that the house does not have to be up to current code, but an appraiser will pass it if the house is up to code for the time it was built. She said the seller does not have to do these things if they don't want to and a loan can still be obtained.
When I spoke to the buyer's agent this evening she said, (and I quote) "Older homes that are not up to current code either have to be upgraded to current code to be priced at fair market value. If they are not up to code, then they should be priced at the market price for when they were built". Is this BS or what?
I am representing the seller of a very nice split level home on 3 acres. The home was built in 1977 and has a well and septic. The buyers had their inspections and came back with the fact that they wanted the seller to bring attic insulation and the electrical to the pumps at the septic up to current code. The house is presently up to 1977 code on everything. The seller doesn't feel that they need to bring those items up to current code and considers this to be an unnecessary upgrade. If buyers wanted a new house they should have bought a new house.
In the meantime I checked with a lender that I use almost 100% and she said that the house does not have to be up to current code, but an appraiser will pass it if the house is up to code for the time it was built. She said the seller does not have to do these things if they don't want to and a loan can still be obtained.
When I spoke to the buyer's agent this evening she said, (and I quote) "Older homes that are not up to current code either have to be upgraded to current code to be priced at fair market value. If they are not up to code, then they should be priced at the market price for when they were built". Is this BS or what?
