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Duplex converted to SFR

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Bob Albert

Thread Starter
Freshman Member
Joined
Apr 17, 2006
Professional Status
Appraiser Trainee
State
California
I have a property to be appraised by the lender as SFR. Its a purchase and the listing says the property is a former 9bd/3bath Duplex, now a 5/2bath SFR. Its a 2 story home with the second entrance in the rear 1st floor.

The property is zoned as a duplex. Its also short sale being sold in As Is condition. That explains why the place looks like its been converted yesterday because its so junky...trash everywhere.

But anyways...should I appraise the property in its current use or seek H&BU as a duplex? There aren't many recent duplex sales within distance and the home is much older in comparison to the duplexes that have sold.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
What do you mean by "conversion". Was it "converted" to single family just enough to be called that for the sale/listing/appraisal or was it a true conversion? This sounds like a complex assignment, what does your mentor say?
 

Bob Albert

Thread Starter
Freshman Member
Joined
Apr 17, 2006
Professional Status
Appraiser Trainee
State
California
The property is being sold as a SFR. I've checked previous sales of the property going back 5 years and they've all been sold as SFR. What else would constitute it as a SFR or duplex legally?

I'm still waiting on a response from my supervisor...which is why i'm posting in Urgent.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
In your first statement, you said it looked like it was converted yesterday, that was the reason for my questions. Many times true two units are called single family dwellings with an "in-law" suite to get around the fact that it is not legal. You say it has a "second entrance" in the rear. Do you mean a regular back door, or a separate entrance to a separate living section.

The reason I am being picky with these questions is the first step is to identify what your subject truly is and then make sure it meets local zoning, etc. In my market, to be a true single family, there has to be full interior access within the structure and the dwelling is metered for utilities as one unit (not separately metered).
 
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CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Instead of waiting for a "response" from your supervisor you should advise him of the need to reinspect the proeprty together first, and then work on HBU together.

It would be irresponsible for us to try and appraise it for you.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
IMO all of the prior transfers and all of the prior appraisals are meaningless if they incorrectly identified the property as a SFR.

Issues like this confused me for years until it was noted on a recent thread that "despite Michael Jackson's desire to be a white woman, he will always be a black man."

Of course it depends on HBU; every appraisal does, although the type of issues presented by this property render it more obvious.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Are you sure that the H&BU is as a duplex? A few years ago before all of the price madness I found that duplexes in my market area sold for less than similar SFR's. Was your subject built as a duplex or was it converted from a SFR at one time and then converted back?
 
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