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Duplex or 2 SFR"s

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DucksRock2727

Thread Starter
Freshman Member
Joined
Jun 20, 2008
Professional Status
Licensed Appraiser
State
California
I was asked to look at 2 properties in an unincorporated part of Los Angeles County. Realquest said the 2 properties were two properties! Here are the specifics: Same owner for both, 2 legal descriptions, 2 APN's, 2 structures - each on on it's own lot, the properties are stacked so the back property could possibly have a land lock if the front property discountinues use of the easement (minor issue). The front property has the street access.
The preliminary title report says these properties are a multi family dwelling. I called LA County and spoke to an appraiser. He said "Nope, they are 2 SFR's but if you want to sell them, it is up to you on how you want to market them but they will record as 2-SFR's". He also said they were never a duplex. Now the title company that my broker is working with said no, they need to be done as a duplex. I say 2-SFR's. Oh yea, there is currently one loan on the two properties so last time they refinanced they did it as a duplex. What would you say? How can title be so controlling? I don't understand their processes so I don't know and that is why I am asking, but I will tell you I am frustrated. If I appraise them as one duplex, I can't imagine where I will find 2-SFR's that sold as one duplex. HELP!
 

realbiz

Junior Member
Joined
Mar 14, 2008
Professional Status
Certified General Appraiser
State
California
You have many issues here, is this for a sale or refinance? Also, just because one loan encumbers both properties that does not mean it was done as a duplex. I have seen lenders encumber two separate properties when an appraisal was only completed on one property. This is usually done by hard money lenders, with less than perfect borrowers. Get the legal information in writing and include it in the report(s), and keep in your work file. A phone conversation will not be enough to complete this report. If you need more help, feel free to PM me. Good luck.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"Nope, they are 2 SFR's but if you want to sell them, it is up to you on how you want to market them but they will record as 2-SFR's". He also said they were never a duplex.

Agree with Realbiz - get the proof or the correct legal description in the event the appraiser / assessment records are incorrect (not uncommon) - Assessment has no bearing.
 

Central Valley

Freshman Member
Joined
Sep 23, 2008
Professional Status
Certified General Appraiser
State
California
You do have a fun one. I agree with the other posts as a start but, the issues will continue. What are the parcel sizes? what is the zoning?, are the sites conforming? Non-Conforming? legal? can they be re-built?. H&B becomes an issue..... research, research, research. Don't cave to title! Stand your ground and do whats right! This sounds like a "complex" project
 

ZZGAMAZZ

Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
DUCKS,
This is now an older post and I'm curious about what your research revealed. I've appraised for a few years and even visited title companies and the county recorder but I'm still way dumb about how the title process work, and how an appraiser typcially confronts discrepancies.
 
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