"deal Killer" No Value Added For Permited Guest House

[Meandering]

Those are the requirements for Fannie Mae, not FHA, which, in laymen's terms would be conventional financing.

If the loan was for conventional financing, the appraiser has to follow the Fannie Guidelines for the loan to be sold into the secondary market. Not all lenders sell their loans into the secondary market so, the necessity to follow Fannie Mae guidelines would have been determined in the assignment conditions between the lender and the appraiser.

1st it is not an appraiser's job to "not blow a contract".

Your C3 condition might be reflective of a remodel and not of a complete renovation. I don't know, I did not see your property, but there is a fine line in the different definitions. So, basically, if you took it to the studs and rebuilt it, within the past 2-5 years depending on your area, it might be a C2. If you remodeled it in the past 3-5 years it might be a C3 if being lightly used.

The quality of the upgrades, granite and shingle, are not condition items but rather are quality items. Do we adjust for them? Only if they impact sale prices in your area. Do people pay more for homes with higher quality shingles that have been installed less than a year ago, as opposed to homes that have typical quality shingles that have been installed less than a year ago? Not here that I've seen. It may be different by you.

My best advice would be to hire a local appraiser to do a field review and take their advice from there.

.

 

[JTip]

Does anyone have an idea what the State Appraisal Board does when an appraiser does something like this and is it a big deal when an appraiser blows a contract on sheer laziness or incompetence,

Yes, they will strip him of his certification, he will lose all his clients forever, emotionally and financially devastate his family (as long as they stay around) and pretty much ruin his life forever.

Now you are stuck with a very nice accessory unit that someone will buy and the appraiser will have nothing, absolutely nothing.

I really have no idea about this stuff but I guess I'm going to learn.

Ain't that the truth.

 

[suzuki4444]

Jtip, Thank you, I needed that, I can't let him and his family live on the street now that he has no job. I guess I could let them stay in the guest house for free because it's worth nothing.

 

[Evincere]

Jtip, Thank you, I needed that, I can't let him and his family live on the street now that he has no job. I guess I could let them stay in the guest house for free because it's worth nothing.

Touche.

 

[suzuki4444]

I was reading about the low appraisal on the other thread, because Chase was the lender and hired the appraiser, isn't that appraisal just between
the buyer and the lender or is that open to the public so anyone interested in purchasing the house will see what it was.

 

[The Warrior Monk]

I was reading about the low appraisal on the other thread, because Chase was the lender and hired the appraiser, isn't that appraisal just between
the buyer and the lender or is that open to the public so anyone interested in purchasing the house will see what it was.

To keep is simple, the appraisal is for the lender; not the buyer, seller, or the general public. The borrower is generally entitled to a copy of the appraisal, though the appraisal is not for their use. The appraiser may not release the assignment results to anyone other than the client, without the clients permission. This results of the appraisal are not available to the general public.

I am keeping it simple, because there are plenty of circumstances where there may be other intended users, situations where the borrower might not be entitled to a copy of the appraisal, etc., but those situations are likely not applicable to your situation.

 

[Meandering]

For us,
Technically,
We are promoting public trust.

At least that's what our regulations say, anyway.

By not sharing our reports with you, in a Lending situation, we are protecting the client confidentiality with the Lender, similar to a priest and a confessor. Only a court order can make us tell anything, or, the client who ordered the appraisal from us.
So our reports, if made public, can not be made public by us. Only by the client that ordered it.

,

 

[Evincere]

I was reading about the low appraisal on the other thread, because Chase was the lender and hired the appraiser, isn't that appraisal just between
the buyer and the lender or is that open to the public so anyone interested in purchasing the house will see what it was.

Which means you got a copy of the Appraisal done on your property from the Buyer/Purchaser - who paid for the appraisal? I would be almost sure the Buyers Lender did not provide you with a copy.

 

[suzuki4444]

I received a copy of the report from my agent.

 

[TRESinc]

I received a copy of the report from my agent.

who got it from the other agent who got it from the borrower who got it from the only intended user of the report, the lender.