1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Log Cabin

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by vsalvitti, May 25, 2010.

Thread Status:
Not open for further replies.
  1. vsalvitti

    vsalvitti New Member

    0
    May 30, 2008
    Professional Status:
    Appraiser Trainee
    State:
    Pennsylvania
    So..I have a log cabin on a PRIVATE street...with an underground oil tank..and a dirt basement floor to boot...oh one more thing...there is a huge abandoned water tank on the dirt basement floor on cinder blocks..it was originally intended to be used as a water storage tank for solar heating...which never materialized.

    For FHA and Fannie Mae..which do you see as the critical issues?..anyone?
     
  2. Crippled Chef

    Crippled Chef Sophomore Member

    0
    Feb 7, 2009
    Professional Status:
    Licensed Appraiser
    State:
    New York
    Issues.

    :peace: Never wanting to sound mean or course....I think this question should be answered by your supervisor. If the loan is going FHA he/she had better be there with you at the inspection...a lot of issues with this one.
     
  3. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    Haven't a clue as I don't know your area, oil storage tanks are common in my area in basements, and some cisterns can still be found both inside and out side the building. Dirt floors can still be found in many rural basements in our area as well. You will need to do research and track the market reaction to such.

    I would also suggest you start with a simple booklet from Marshall/Swift titled ”Log Home Appraisal Training Guide" then either buy or check out from you local library books on the different types of log home construction, as well as different types of wood used in log home construction.

    There is much to log home appraisal to be considered.

    Size of log, type of wood, how logs are put joined, dry logs, green logs, how the logs are laid, what is between the logs, how is the electrical and plumbing laid, type of stone used in fireplaces, type of roof, flashing use sheet metal or copper the list is quite long in most cases.

    Or is it a HUD code Home with log 1/4", 1/2" log siding. A full log home, a half cut log home, vertical logs horizontal logs, cord wood logs.

    I would think your mentor could help you with the answers you need as well.

    This will give you a start.
     
  4. Restrain

    Restrain Elite Member

    7
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Other than finding similar log home sales, in the last 6 months, within 1 mile of the subject, not to vary more than 15% in size, etc, etc? LOL.

    Be ready to write a book on this one. Address every item, including the quality of construction. You say you have a dirt floor in the "basement". Is there a solid wall for the basement? Water penetration and sump pump? Can the old cistern be removed? Is it a health and safety issue? Is the oil tank leaking? Is it an environmental hazard? What about the water and sewage systems? Proximity to each other? Road maintenance? Who does it and how is it paid for? Is the road passable year-round?

    Just some thoughts.
     
  5. JTip

    JTip Senior Member

    42
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Ray made some excellent points.

    I have done several around here and seen everything to log 'sided' to half logs to logs the owner cut, dried and constructed the house himself.

    Underground oil tanks are somewhat common in my area (my mentor has two at the house, mine are in the basement) along with dirt floors in the basement. Nothing out of the ordinary imm.
     
  6. vsalvitti

    vsalvitti New Member

    0
    May 30, 2008
    Professional Status:
    Appraiser Trainee
    State:
    Pennsylvania
    I was under the impression that FHA does not allow for dirt floors and can call for having cement poured..am aware of the issues with the oil tank...but not the water cistern that is in the basement/crawlspace(basement can only be used for utilities and is partial....aslo aware of well placement for FHA...but is the dirt floor a problem..curiousa as to how lender review of htis issue impacts funding .
     
  7. David Beasley

    David Beasley Senior Member

    1
    Dec 12, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Ray Miller - great post. I don't always love appraising log homes, but am a huge fan of them, and hope to own one in the NC mountains sometime before I croak. We've rented several up there over the years for vacations - love the solitude of the area and warmth of a log home.

    Great point on some log homes being stick built homes with log siding. RE agents tend to overlook this hugely important construction issue when they list them as "log homes". Log homes have log walls: full round, D-round, or even square logs. Some are chinked, some aren't. Some are stacked, some are T&G, some are dovetailed at the corners. Some have interior wall covering on the perimeter walls (often T&G wood, sometimes drywall), some just have the exposed logs. But "log siding" does not make a home a log home.

    To the OP: How "tall" is the basement? Without photos it's hard to visualize...but a dirt floor in most basements makes them tall crawl spaces IMO. But I don't live/work in PA so I can't really opine.

    Also, you may want to consider using log 'home' in lieu of log 'cabin'. The former will likely be fine for FHA, the latter is what Jed Clampett grew up in and porbably had a dirt floor itself and no indoor plumbing.
     
  8. vsalvitti

    vsalvitti New Member

    0
    May 30, 2008
    Professional Status:
    Appraiser Trainee
    State:
    Pennsylvania
    Log Home

    here's some photos of basement/crawlspace with gravel floor and water tank
     

    Attached Files:

  9. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I'd make book 3:1 that this loan will not proceed.
     
  10. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    :rof:

    If there are one or two somewhat similar recent log home sales available, the assignment might not go too badly. If not, prepare to invest lots of time on this one, before and maybe after you submit the report the first time.
     
Thread Status:
Not open for further replies.

Share This Page