On Wed, 12 Nov 2003 14:58:23 -0500, someone wrote:


That's not true at all. I sold a house last year with a basement that I
did off the books. I also know many people that have done the same thing
and had no problem. It is quite a common occurrence, legal or not.

As a practical matter, I agree to the extent that it would be OK with
'the bank' as long as the illegally finished area is not being relied
upon to acheive the required value of the property. OTOH if the bank
thinks it is mortgaging a 4-bedroom 3 bath home, but one bedroom and
one bath are illegal in the basement, then they sure as hell WOULD
care, IF their appraiser was on the ball enough to catch it, which he
should, but often will not.

-v.