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  #1  
Old 05-25-2010, 05:52 PM
vsalvitti vsalvitti is offline
 
Join Date: May 2008
State: Pennsylvania
Professional Status: Appraiser Trainee
Posts: 26
Default Log Cabin

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?
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  #2  
Old 05-26-2010, 06:05 AM
Crippled Chef Crippled Chef is offline
 
Join Date: Feb 2009
Location: Central NY
State: New York
Professional Status: Licensed Appraiser
Posts: 105
Default Issues.

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  
Old 05-26-2010, 07:57 AM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
State: Wisconsin
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Default

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  
Old 05-26-2010, 09:44 AM
Restrain Restrain is offline
 
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Location: Port Charlotte, FL
State: Florida
Professional Status: Certified General Appraiser
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Default

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  
Old 05-26-2010, 10:13 AM
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JTip JTip is online now
 
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Location: Central PA-Altoona-State College
State: Pennsylvania
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Default

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.
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  #6  
Old 05-26-2010, 11:50 AM
vsalvitti vsalvitti is offline
 
Join Date: May 2008
State: Pennsylvania
Professional Status: Appraiser Trainee
Posts: 26
Default Log Cabin

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  
Old 05-26-2010, 12:25 PM
David Beasley David Beasley is offline
 
Join Date: Dec 2003
Location: Between Raleigh & Fayetteville
State: North Carolina
Professional Status: Certified Residential Appraiser
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Default

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  
Old 05-26-2010, 12:44 PM
vsalvitti vsalvitti is offline
 
Join Date: May 2008
State: Pennsylvania
Professional Status: Appraiser Trainee
Posts: 26
Default Log Home

here's some photos of basement/crawlspace with gravel floor and water tank
Attached Images
File Type: jpg basement.jpg (49.9 KB, 31 views)
File Type: jpg basement-furnace.jpg (51.7 KB, 18 views)
File Type: jpg tank in basement.jpg (48.3 KB, 28 views)
  #9  
Old 05-30-2010, 09:51 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
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Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
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Default

I'd make book 3:1 that this loan will not proceed.
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  #10  
Old 05-30-2010, 10:19 AM
Lloyd Bonafide's Avatar
Lloyd Bonafide Lloyd Bonafide is offline
 
Join Date: Jan 2006
Location: Poway / San Diego
State: California
Professional Status: Certified Residential Appraiser
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Default

Quote:
Originally Posted by Restrain View Post
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?


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.
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