medical marijuana.have some questions.

[hastalavista]

Your "grow room" is another's wine cellar. :new_smile-l:

 

[hockey4848]

The type of plant should not matter. I would provide as lengthy a description of the materials used and the methods utilized to insure that moisture will not be a problem. I would type this out in a word document(digital) to email the appraiser, hopefully the appraiser will include this description of the room in the appraisal report. I would tell the appraiser about the health of family member as well.

I think the lender's main concern should be with how integrated this "room" is into the basement. If you were to ditch the property tomorrow, how much work would be needed to remove the remnants of room from the basement after you remove the personal property (lights/fans/shelves and of course the plants!) from the basement. I would think that if you were going to sell the property you would remove the room to improve marketability, right.

Great idea. And yes the way i designed/built the room was so that when i do move i can just tear it down and it is like nothing ever happened.

 

[Mark K]

The type of plant should not matter.

Agreed. But it may matter to the investor or underwriter.

There are no laws being broken but that may not matter to an investor in another state.

I'd say that if the appraisal states that there is a pot growing room in the basememt, legal or not, its a crap shoot whether or not it will get thru underwriting. They may think its a commercial operation and refuse to loan on it.

Lots of unknowns; you may be the canary in the coal mine to see if mortgages can survive this situation. Good luck.

 

[Elliott]

Grow lights, water filters, hydroponic set-up, and an assertion of 'medical' marijuana and I'm fine. Having a safe, tactical rifles, uzzi looking guns, and I get very, very nervous and I'll probably finish the inspection and bail on the report. I'd much rather stumble on to moonshinners then growers.

 

[hockey4848]

if i get denied because of this. Can i just keep ordering appraisals until someone doesnt put it in the reoport.

 

[CANative]

The day before the inspection put your plants in a rental truck. Buy some orchids and put them in the grow room.

 

[hastalavista]

if i get denied because of this. Can i just keep ordering appraisals until someone doesnt put it in the reoport.

I would think the concern by a lender of legal pot growing on-site would be outweighed by the risk of being sued for discriminating against someone with a medical condition and their prescribed medication.

If it isn't related to the real property , doesn't affect the marketability, and it isn't illegal, the lender shouldn't care how or to what degree it is disclosed.

 

[hastalavista]

if i get denied because of this. Can i just keep ordering appraisals until someone doesnt put it in the reoport.

Yes, you could. It can get expensive.
But think about this: You original post was a concern about how the appraisal would consider your situation (legal pot growing on site).
You are starting to migrate from that concern to calculating the odds on no disclosure being in the appraisal report.
While I understand the calculation, I would tell you this: The appraisal's responsibility is to disclose to the lender those property conditions which are required by regulation/law, and which the lender considers important to know about so it can make its lending decision.
So, I don't think any appraiser is going to advise you to intentionally "hide" something or hope something is over-looked. That issue is not an appraisal issue, that issue is a lending issue.

I think you are in like Flynn, myself, but I could be wrong.
If it were me, I'd ask my loan officer if it will affect anything; if he says "no", email him back confirming that and keep it for your records. If he says, "yes", find another lender before you pay for this appraisal and disclose to them the situation and see what their answer is.
If you get series of "no's", then remove the plants and have the appraisal done when they are gone.

Good luck!

 

[Papoua Jose]

Grow lights, water filters, hydroponic set-up, and an assertion of 'medical' marijuana and I'm fine. Having a safe, tactical rifles, uzzi looking guns, and I get very, very nervous and I'll probably finish the inspection and bail on the report. I'd much rather stumble on to moonshinners then growers.

Good grief. Get outside of any incorporated boundary in the South and evil black guns inside homes are not an uncommon occurrence.

 

[Mile High Trout]

One time I ran across a grow closet that could have burned the house down.

I called condition for safety, and curing, so they just took it down.

The lender was just as eager to loan on that one, as one without the grow room issues.

Best advisement was to make sure your lender is aware up front. Show the appraiser your grow card, and say: Are you ready to see this!?

Provide the notation or whatever that you passed the city inspection.

Appraisal is all about legal permissibility, and relationships of features to market value. Prove it's legal, provide appraiser a basic cost of feature improvements list so he knows what such a feature costs.

Colorado is moving on pot vending machines. So it's a matter of perspective.