Checking No On Bottom Of Pg.1 | 2055 Form (and 1004)

[Valueseeker]

Hey Folks,

"Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc."

The subject is 3,900sq.ft. Contemporary recently built on a double lot. Most homes are 1500-2000 sqft.

It is legal non conforming and HBU is current use as the site cannot be split.

Im thinking I would check the box "No" it does not conform as it appears to be an over improvement in the area. There are larger homes in the area but not within the town. I found one other in this town and had to go to neighboring towns to find comparables.

Could I simply state that and say it may have longer exposure time due to this. (This is a HELOC)

 

[RSW]

I had one today where I checked no because the subject property had more than 5,000 sq. ft. of living area, a finished basement, and had functional obsolescence due to an odd floor plan. The typical home in the subject's market area which would be competitive with the subject has between 3,000 to 4,000 sq. ft. of living area.

 

[Mike Kennedy]

"I found one other in this town and had to go to neighboring towns to find comparables."

1. expand time parameters in subject's town.
2. IF typical buyers of larger, similar homes ROUTINELY consider the subject's town PLUS adjacent towns - it is likely the market is regional in the subject's GLA range.
3. IF typical buyers of similar homes do NOT include the subject's town during there home search - then your supposition may be correct.

 

[Valueseeker]

1. I did this
2. typical buyers do go to the neighboring town. Schools are par.
3. They would consider both. So under this I would say "yes"?

Thanks again guys.

 

[J Grant]

Hey Folks,

"Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc."
The subject is 3,900sq.ft. Contemporary recently built on a double lot. Most homes are 1500-2000 sqft.
It is legal non conforming and HBU is current use as the site cannot be split.
Im thinking I would check the box "No" it does not conform as it appears to be an over improvement in the area. There are larger homes in the area but not within the town. I found one other in this town and had to go to neighboring towns to find comparables.
Could I simply state that and say it may have longer exposure time due to this. (This is a HELOC)

You already answered your own question. The question is does it conform to the neighborhood ( not does it conform to several alternate neighborhoods a buyer would consider.

PLEASE people, stop trying to manipulate answers to "help" a property get accepted. We present the facts, lenders accept/reject. And far as I know, they do accept non conforming properties, as long as marketability is shown (such as comps, days on market, demand etc.

This is a simple question Does subject conform to the neighborhood. You say it is substantial larger than virtually any other house in the town(neighborhood). So answer "NO", and state why..."subject doe not generally conform to the neighborhood because it is substantially larger than other homes, and is on a double lot, the smaller homes in the town are on single lots":

Adress whether it is or not an over improvement in another section of the report (value related). This question is not about value. It's a simple factual yes or no question

 

[ucbruin]

Where is the line that in the sand that pushes over-improvement from "does" to "does not" conform?

 

[Valueseeker]

When no other home to compare it to? Post 2?

 

[glenn walker]

Everyone including me has an opinion but unless I work your area my opinion may be flat out wrong. Where is that line-in-the-sand ? J-Grant posted PLEASE people, stop trying to manipulate answers to "help" a property get accepted. I agree with J-Grant that the answer based on the information posted is the (no) box with an explanation but each appraiser has to decide where that line in the sand is !!

 

[ucbruin]

When no other home to compare it to? Post 2?

As in sale(s) or as in existence?