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Bomb Shelter....asset or liability?

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WendyS | 10 Aug 2015, 10:39 AM Agree 0
I have a question....I have a listing that has an underground bomb shelter.
Yep, a bomb shelter. This shelter was built back during the Cuban Missile Crisis the early 1960's and of course was built without a permit. This bomb shelter is nearly 1200 square feet, has functional kitchen and bathrooms (or they were once functional, not sure if they still are) and is underground except for the entrance. Back in the day, the cost to construct was roughly $40,000.

Would an underwriter see a bomb shelter as an asset of the property....or liability?

Remember, there are no permits, who knows if there are building codes for bomb shelters, bathrooms/plumbing may no longer be functional, has electric which feeds from the house (generators don't work any more), concrete walls, no water intrusion - actually considering the age and that its underground - it's in good shape...but

I can't help think this would be a raging nightmare to get financing on this property....

what do you think? anybody have any experience with this?

thanks so much!!

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