08-28-2025, 05:03 PM
(08-28-2025, 02:47 PM)leilanidude Wrote: Nearly impossible may be more correct. No bank will loan on an unpermitted home. They may loan on the value of the property/land itself and the value of the permitted parts of the home, but if that house is completely unpermitted and the price is $250k, you might only get approved for the $50k value of the land. In other words, you are paying cash for the house. Most folks in the lower brackets that would be buying a house for $250k cannot pay cash for it.
Which, if I am permitted to talk, is EXACTLY what I am saying.
If a home is fully permitted, there should be no issues in selling the home, at fair market value. Well, outside of having a willing buyer with either cash, ability to get a mortgage or a combination of both. And we see on the HPP Homes for Sale thread there does not seem to be any issues selling 750K plus McMansions in HPP.
My point further being anyone buying an unpermitted home for more than a few tens of thousands of dollars, better have a boat load of their own cash and understand what would need to be done to get it to code.
And if someone can afford to build a home valued at 250K or more, I'm pretty sure they would have the means to build it with all required permits. If I had 250K in cold hard cash, the LAST thing I'd buy is a 250K plus unpermitted home. Also, as I have said before, building housing on land that today requires a 30K to 50K septic system and 10K to 20K to hook up to grid power before one nail is hammered is just a reality that makes it an impossible expectation to have in any quest at making housing "affordable."
OK then, since I have nothing better to do and am filled with time, I'll extinguish my flame now for all you moths!