Lender and AMC claim residential appraiser can do this appraisal-opinions

[glenn walker]

I

If the HBU/improved is as residential then of course it will fit on a 1004. It just won't be pretty, and Hal-2026 might have a tough time reading it.

Doubt it's going to be sold to Fannie and most likely a mixed use portfolio loan that Hal-2026 or any Uad is never going to read.

 

[Dublin ohio]

I

Doubt it's going to be sold to Fannie and most likely a mixed use portfolio loan that Hal-2026 or any Uad is never going to read.

Well they want it on a 1004 in UAD format so the report would have to conform to Fannie/Freddie guidelines

 

[jay trotta]

Well they want it on a 1004 in UAD format so the report would have to conform to Fannie/Freddie guidelines

Thats like putting an overripe peach in a brown bag, it'll be leaking in a short amount of time. That'll mean you need to keep dabbing it with napkins for a bit, but it Will eventually need some extra special attention from you. There isn't enough Benjamins to accommodate the "time loss" on that puppy.

 

[glenn walker]

Well they want it on a 1004 in UAD format so the report would have to conform to Fannie/Freddie guidelines

That's not true we ordered everything on a 1004 because Underwriters and reviewers were used to it and if we decided to sell it to a GSE in the future it met their form and Certification guidelines. I doubt we saw more than a few Non GSE forms a year except land. The appraisers signing the Certification not the lender and frankly 90% will sign a Fannie Cert on anything.

 

[Dublin ohio]

That's not true we ordered everything on a 1004 because Underwriters and reviewers were used to it and if we decided to sell it to a GSE in the future it met their form and Certification guidelines

Sounds a lot like what I said the issue was

 

[Dublin ohio]

Thats like putting an overripe peach in a brown bag, it'll be leaking in a short amount of time. That'll mean you need to keep dabbing it with napkins for a bit, but it Will eventually need some extra special attention from you. There isn't enough Benjamins to accommodate the "time loss" on that puppy.

Some have insinuated that I either don't want to do it or I am not competent to do it, neither is true. You're right about the Benjamins, They are not wanting to pay what it is worth. Like I said before it is a white elephant for this market. Finding a similar sale will mean going outside of the county and there is still no guarantee that you could find something like it. I do know there has only been on sale of similar GLA in the whole county and that house sits in a golf course PUD right behind my house and sold for $1.9M in a totally different neighborhood compared to the subject's rural location. It was built by the original owners just for the purpose it was used for over 70 years. Relatives and/or employees lived in the apartments and one of them is still living there. It is also a probate sale subject to court approval. They are trying to put a square peg in a round hole.

 

[George Hatch]

I could see it as being "subject to" a couple of things like removing the commercial kitchen and what do you do with the 3 apartments on the second floor that are separate from the first floor and only accessible from the outside. That are not a permitted use conditional or otherwise. "Subject to" whatever you would have to do with them? Basically having to make it "subject to" it being converted to a single family residence

If it can't be legally occupied as other than an SFR then that's part of the HBU analysis.

Just because it won't fit a GSE program doesn't mean it can't be appraised to its HBU/As Improved condition.

 

[jay trotta]

If it can't be legally occupied as other than an SFR then that's part of the HBU analysis.

Just because it won't fit a GSE program doesn't mean it can't be appraised to its HBU/As Improved condition.

From my experience with these (trying to fit a round peg in a square hole) there is a need for just compensation. That won't happen in today's market, in prior markets (pre-2008) you could explain the appraisal problem and justify the workload required and Fee. Not in today's atmosphere.

 

[George Hatch]

This is the kind of assignment you take on as a service to the client, hopefully in furtherance of a functional relationship. Not for the money. Regardless of what fee, you're still going to take a beating.

 

[glenn walker]

My guess is some younger guy worked out a decent fee and just went out and did it and good chance it wasn't that hard once he thought threw it.

I'm lazy and over the years talked my way out of hundreds of assignments BUT if I really needed money and I had nothing else going on then I dragged myself out to my truck and off I went. It's okay to decline an assignment but few are honest enough to just declare their too lazy or don't need the money or both.