4 Or 5 Units?

[DTB]

The building assistant or whoever over there mentioned that the outstanding violations she sees here- are like you said- outstanding fire violations. Now is that a problem for a conventional mortgage, that I would have to ask bank now or simply just write into the appraisal report and let them decide? Because this was a fixer upper Im paying more attention to these violations than normal.

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I would tread much more lightly on the use of fire violations.

I might word it as the property appears to have lapsed on village required fire inspections based on records furnished by...

 

[DanBuck]

Just a general Q. because 4 family units are props that owner users buy-due to the fact that this property is ugly as heck-how can i place a value on it. As an investment prop its a good deal... But how do you put a price on this as an owner-user? See pic again below

 

[DanBuck]

I would tread much more lightly on the use of fire violations.

I might word it as the property appears to have lapsed on village required fire inspections based on records furnished by...

Specifically Meaning-its not such a big deal?

 

[DTB]

The building assistant or whoever over there mentioned that the outstanding violations she sees here- are like you said- outstanding fire violations. Now is that a problem for a conventional mortgage, that I would have to ask bank now or simply just write into the appraisal report and let them decide? Because this was a fixer upper Im paying more attention to these violations than normal.

.

I would tread much more lightly on the use of fire violations.

I might word it as the property appears to have lapsed on village required fire inspections based on records furnished by...

Specifically Meaning-its not such a big deal?

At this point you have an administration violation, the property hasn't been inspected as prescribed by the town. Fines, inspection and all may be good.

If it had fire code violations then that's a different issue.

The difference in my book comes down to-is it a physical problem ( fire code violations) or a monetary problem (administrative procedure not followed)

 

[DTB]

Just a general Q. because 4 family units are props that owner users buy-due to the fact that this property is ugly as heck-how can i place a value on it. As an investment prop its a good deal... But how do you put a price on this as an owner-user? See pic again below

It it ugly as sin, I've had more than my share of these ugly money pumps. None were ever owner occupied nor did I sell them to an owner occupant.

How to value? Same as any other property-what do the comps tell you.

Within 1 block of each other-and not in a block by block value difference neighborhood.
#1 Owner occupied type. # 2 Never owner occupied type. Appraised them both and owned one for a while.

 

[DanBuck]

I would tread much more lightly on the use of fire violations.

I might word it as the property appears to have lapsed on village required fire inspections based on records furnished by...


At this point you have an administration violation, the property hasn't been inspected as prescribed by the town. Fines, inspection and all may be good.

If it had fire code violations then that's a different issue.

The difference in my book comes down to-is it a physical problem ( fire code violations) or a monetary problem (administrative procedure not followed)

Now that I'm going through more of these fire records- 100 pages there was an outstanding lawsuit by the village against this owner..

 

[DanBuck]

Now that I'm going through more of these fire records- 100 pages there was an outstanding lawsuit by the village against this see pvt msg..

Actually the lawsuit is too blurry to see-I just write out the main points...

-Fire safety inspection
-Fire safety inspection fee
-Certificate of compliance-failure to obtain the required safety inspection certificate of compliance.


What it says at the end is Pursuant to a lawful investigation by fire inspector----- on September 2016, the above referenced premises was found to be in violation of the code of Village of------ and/or the New York State uniformed fire prevention and building code".

Completely unsure if this is a building code issue, or an inspection situation

 

[DanBuck]

Also what do I use as comp here. My selection is so limited i cant decide. I have one in mint condition approx. a mile away but sold March of 2017. i have one that was a bank sold sold in as-is condition but sold recently and is within the price range i project and another thats almost a luxury that's a listing ..

Two of the other comps already used usd-one was over a mile away but sold recently and seems stable condition-the other is closer though sold as-is condition cant tell how much the renovation would cost...

I hate my job lol..

 

[DTB]

Actually the lawsuit is too blurry to see-I just write out the main points...

-Fire safety inspection
-Fire safety inspection fee
-Certificate of compliance-failure to obtain the required safety inspection certificate of compliance.


What it says at the end is Pursuant to a lawful investigation by fire inspector----- on September 2016, the above referenced premises was found to be in violation of the code of Village of------ and/or the New York State uniformed fire prevention and building code".

Completely on unsure if this is a building code issue, or an inspection situation

Looks like they want their money IMO.

 

[DanBuck]

Looks like they want their money IMO.

I cant tell how serious it is building code issue?- i was a lawsuit from 2 years ago thats still outstanding..