1025 or 1004

[alebrewer]

This is first time I heard of JADUs. Are you referring to them as Junior ADUs?

There are probably some things you should just not post, Fern. Its gonna be tough to defend the title 'Appraisal King' with statements like that...

 

[Fernando]

Good point.

So back to OP - it seems like a H&BU analysis would be in order for the Fern. The first two tests are interchangeable - namely the 'legally permissible' nature of possible uses and the 'physically possible' nature of possible uses. As regards the legal portion - again, I think CA has relaxed the laws about not being able to rent ADU's, in which case, both units could be rented (if, in fact, there are two units). So then, according to the legal test - SF with ADU AND duplex would be possible 'legal' uses. As to the physically possible test - obviously it's physically possible if two units are already on the site. So, then, based on the first two tests (for CA - and based on my limited knowledge of the CA ADU laws) both duplex and SF would be legally permissible and physically possible. The next step (for me) would be to ascertain what the market participants are doing with such properties. If the market recognizes SF owner occupied with guest quarters as a more desirable use, then I'd lean that direction. If the market recognizes both units as rentable units, then I'd lean that direction. The obvious question is: how do you know what the market prefers? How are similar properties marketed and sold in MLS? What do discussions with investors elicit?

This property is unlike any property in neighborhood. It pushed its HBU in getting as many ADUs as possible from the city laws (still waiting if finalized).
Agent assured me it will be finalized but I haven't heard from the agent.
Sometimes more complexity and practicality take more time given what's on the books.

 

[Fernando]

There are probably some things you should just not post, Fern. Its gonna be tough to defend the title 'Appraisal King' with statements like that...

I used that instead of Appraisal God. It may offend some and I'm considerate.

 

[Tom D]

I used that instead of Appraisal God. It may offend some and I'm considerate.

in that wishful name choice, you would only be giving the right answer to ever question asked here, and not asking questions. sorry fo offend your spiritual belief. your appraisal belief is another case. in philosophy your thoughts are situational ethics.
but, i do appreciate that your are at a minimum, considerate of what the king mumbles to the peasants, us here.

 

[Fernando]

in that wishful name choice, you would only be giving the right answer to ever question asked here, and not asking questions. sorry fo offend your spiritual belief. your appraisal belief is another case. in philosophy your thoughts are situational ethics.
but, i do appreciate that your are at a minimum, considerate of what the king mumbles to the peasants, us here.

Latest Appraiser Buzz Magazine has this in front cover.


I could be Super Appraiser but I still like the sound of Appraiser God (don't want to offend Zoe).

 

[Dublin ohio]

This is first time I heard of JADUs. Are you referring to them as Junior ADUs?

This calls for a stiff drink

 

[Dublin ohio]

I used that instead of Appraisal God. It may offend some and I'm considerate.

I vote for appraisal dork

 

[sputnam]

I can never quite decide if it's good that appraiser's get so far off the track or not. The OPs question was pretty simple. What form to use to report the appraiasal? The Client requested the 1025. The propert was found to be an SFR with an ADU and the Appraiser wonders if it should be on a 1004 instead. The Appraiser's job is value. The Client's job is to know what they want or need. Unless complying with the Client's request would require the Appraiser to violate USPAP or other applicable law, the Appraiser accepts the assignment, declines it, or negotiates. Some Clients may welcome the Appraiser's advice regarding forms... but ultimately, it is the Client's decision. The Appraiser gets to say... 'Okay' or 'I'll pass on this one'.

 

[Dublin ohio]

I can never quite decide if it's good that appraiser's get so far off the track or not. The OPs question was pretty simple. What form to use to report the appraiasal? The Client requested the 1025. The propert was found to be an SFR with an ADU and the Appraiser wonders if it should be on a 1004 instead. The Appraiser's job is value. The Client's job is to know what they want or need. Unless complying with the Client's request would require the Appraiser to violate USPAP or other applicable law, the Appraiser accepts the assignment, declines it, or negotiates. Some Clients may welcome the Appraiser's advice regarding forms... but ultimately, it is the Client's decision. The Appraiser gets to say... 'Okay' or 'I'll pass on this one'.

If you read through the thread. The OP has no idea what they really have. As far as USPAP goes. You may want to consider the SOWR and SR1. Particularly problem identification and subject's legal and physical characteristics. Seems like knowing what the property "is" would be a necessary part of the problem identification

 

[Fernando]

I can never quite decide if it's good that appraiser's get so far off the track or not. The OPs question was pretty simple. What form to use to report the appraiasal? The Client requested the 1025. The propert was found to be an SFR with an ADU and the Appraiser wonders if it should be on a 1004 instead. The Appraiser's job is value. The Client's job is to know what they want or need. Unless complying with the Client's request would require the Appraiser to violate USPAP or other applicable law, the Appraiser accepts the assignment, declines it, or negotiates. Some Clients may welcome the Appraiser's advice regarding forms... but ultimately, it is the Client's decision. The Appraiser gets to say... 'Okay' or 'I'll pass on this one'.

I told client what I know of subject without going there. From my experience as appraiser, loan agent, and real estate agent, I didn't think subject is a true duplex and should be appraised on 1004.
After Appraisal King input, the response was that 1004 was fine. Later, I was requested to do on 1025. And now it's on hold because they don't know the hell how to deal with this property.