• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

3 unit property with garden apt

Status
Not open for further replies.

Tom O'Malley

Thread Starter
Sophomore Member
Joined
Jul 10, 2006
Professional Status
Certified Residential Appraiser
State
Illinois
I have a 3 unit property with a garden apartment that was in existence prior to the owner purchasing it. Zoning does allow for 4 units but it has not been certified as a legal unit with the city. Should I just call for removal of kitchen with gas stove and call 3unit with finished basement and do subject to even if common and accepted for the area? It is in Chicago.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
I would value the property in respect to verifiable data and information from the zoning officer. I would review all documents within the municipality to identify the subject's use. If the data leads to an illegal use I would state the facts and value the use that is permissible. If the basement does not possess the egress for the unit itself or for the sleeping quarters this would answer your question.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
FHA does not expect appraisers to be the zoning police. Do all 4 units meet FHA MPS? If so, appraiser it as a 4 unit. If not, reject the property and collect at least a partial fee.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks