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What would you charge?

Discussion in 'Running an Appraisal Business' started by smackodu, Apr 24, 2012.

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  1. smackodu

    smackodu Senior Member

    0
    Aug 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Update:Amc just sent a message. They want the report done as on a 1004 form subject to the removal of 2 of the full kitchens and converting the property back to a single family residence. The removal of the 2 stoves and the opening of a wall to an existing lower level staircase would suffice. In no time it could converted right back to it's current illegal use and there would be no other property like it in the area? The floor plan would now be functionally obsolescent. Any thoughts? Calling FHA tomorrow.
     
  2. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    41
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Calling FHA is a very good idea. Do you have a very detailed floor plan with interior walls, doorways, kitchens and baths clearly noted, etc to include in the report? That detailed floor plan will explain to any reader exactly what is going on. I would recommend it for your own protection.
     
  3. smackodu

    smackodu Senior Member

    0
    Aug 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I talked to my contact today at FHA who told me not to do the report as instructed by the lender and the amc and that if the parties had any further questions to contact him/her at FHA directly. Billing for an inspection fee and moving on.
     
  4. Mike Kennedy

    Mike Kennedy Elite Member

    184
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Thar ya go. Hope you get paid.
     
  5. fritzvogel

    fritzvogel Senior Member

    1
    Dec 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    In my market in certain ethic neighborhoods in the city, have kitchens or at least a stove and a sink, and it is almost customary to market.
    Think about making lots of pasta in the summer time 90 degree heat above ground, or boiling potatos and corned beef all day. I've had lenders insist the 2nd stove be removed, even if it is somewhat common.
    But 3 kitchens on a 1004 stay away, far away. If you really need the $$$ do it BUT photo everything, sketch everything, cover your a... from future problems.
     
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