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Barndominiums

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sputnam

Elite Member
Joined
Apr 24, 2012
Professional Status
Certified General Appraiser
State
North Carolina
Just got a call from someone I consult with from time to time and I couldn't give him a definitive answer. Apparently, Barndominiums are coming to NC. What can you tell me about what kind of reporting formats are being accepted by Lenders for the appraisals of these properties?
 
never knew it had a name ....
 
Same as any other site built property. The appraiser just has to demonstrate marketability.
 
Just got a call from someone I consult with from time to time and I couldn't give him a definitive answer. Apparently, Barndominiums are coming to NC. What can you tell me about what kind of reporting formats are being accepted by Lenders for the appraisals of these properties?
Lender will Provide the Form Type on the Order. And then perhaps a Re-Confirm of the form-type ONCE they recognize the style/design.

Brother in Law's is in process. Adding a 2+ Car Garage to one end. When I ask his wife "how she was going to like it...". Responded with "since he sold our home, it's been a Bus, a fifth wheel, now a House Boat... I can I ever know what he is going to do Next !"
Maybe she isn't aware ... ;)
 
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Matrix actually has a search function for Barndominiums.
 
Brother in Law's is in process. Adding a 2+ Car Garage to one end. When I ask his wife "how she was going to like it...". Responded with "since he sold our home, it's been a Bus, a fifth wheel, now a House Boat... SO I can I ever know what he is going to do Next !"
A man actually gets to dictate construction to a woman? Hmm...how does that work?

We have a lot of them here in rural areas from small no frills to large very many frills...
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What is a barnominium? If it is just making condos out of a barn I would think it wouldn't be anything different. I see condos made out of all sorts of buildings such as old churches and fire departments and such. If it is a condotel or something it could be different.
 
As I understand it, it isn't condominiums at all. 'Barndominium' is just a cutesy marketing word for them. It's a barn like structure that is partially finished into a single family dwelling. Apparently, it originated on TX ranches and farms where the rancher didn't want to go out into the weather to check on the animals. I was wondering more specifically about what sort of report Lenders are finding acceptable.... in this case, the Lender is asking the AMC, which is asking an appraiser. GP form? Narrative? Fannie/Freddie Form?
 
As I understand it, it isn't condominiums at all. 'Barndominium' is just a cutesy marketing word for them. It's a barn like structure that is partially finished into a single family dwelling. Apparently, it originated on TX ranches and farms where the rancher didn't want to go out into the weather to check on the animals. I was wondering more specifically about what sort of report Lenders are finding acceptable.... in this case, the Lender is asking the AMC, which is asking an appraiser. GP form? Narrative? Fannie/Freddie Form?
Fannie and Freddie loan on barndominiums on the 1004. Try to have at least two barndominium sales. I can usually find three within 30 miles, sometimes not so far. I am not impressed with most barndominiums and consider them a fad. They are not cheaper than a regular home in many cases. Typically, the whole metal building is finished out, but sometimes it is just half.
 
They are not cheaper than a regular home in many cases.
I don't think I've heard of any that are more costly than stick homes. I do see an occasional one by Morton Buildings that is more costly than others. I do not like the construction of Morton. They dig a hole 4-6' deep, then nail 3 treat boards together offset with nails sticking out and level these and backfill with concrete. The remainder of the frame is 3 boards nailed together that are not treated but above ground. Morton is about the same as a far superior heavy red iron building. So my favorite is a lighter gauge of steel, locally we call it "black iron" and I want the one with a straight sidewall, not the slanted (tapered) ladder trusses. The insulation is solid blown on, the interior is sheetrock and often the living space is half or less of the SF. The one is a tapered truss leg called "black iron" locally, and the other is red iron construction
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