mixed use FHA appraisal. need help

[dadamek]

I have a request to do an FHA appraisal on a mixed use property. There is a store front on the first floor, and 2 apartments above. I was told by another appraiser that this can be on on a 1025 form and treated as a multi family. Is there any truth to this? Can anyone provide me with any information or direct me to the right place to get the HUD info on this?

 

[Mike Boyd]

I have a request to do an FHA appraisal on a mixed use property. There is a store front on the first floor, and 2 apartments above. I was told by another appraiser that this can be on on a 1025 form and treated as a multi family. Is there any truth to this? Can anyone provide me with any information or direct me to the right place to get the HUD info on this?

That is correct. However, the size of the storefront cannot exceed a specific % of the whole. There might also be a dollar amount maximum attributed to the storefront. Call your local HOC.

 

[ZZGAMAZZ]

dademak: I would do anything for money but I would not accept this assignment because it's beyond the scope of my residential license, as well as my experience.

Mike: How does an appraiser who does know about issues like this begin to understand the nuances of the assignment/property? My mentor did a mixed use property earlier in the year using a form report but I don't know which form. Even then, how do you know what you don't know??????

 

[Mike Boyd]

dademak: I would do anything for money but I would not accept this assignment because it's beyond the scope of my residential license, as well as my experience.

Mike: How does an appraiser who does know about issues like this begin to understand the nuances of the assignment/property? My mentor did a mixed use property earlier in the year using a form report but I don't know which form. Even then, how do you know what you don't know??????

The comps should tell you "what you don't know." Same with any property.

 

[Daystar]

Can be done on single family form. The commercial can not be greater than 50% on a 2 story building. There are restrictions on what the commercial can be utilized for.