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Duplex vs Triplex

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c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
What does public records say?
 

ghrousseau

Member
Joined
May 5, 2006
Professional Status
Licensed Appraiser
State
Virginia
And last but not least...........................how many electric meters and how many gas meters? Also..................did you check permits..............usually a pretty good defense when there are no permits for the unit and no separate meter for the unit. If that's the case it sounds like a legal two unit with an illegal partition. The fact that you mention the functional issue as well with access through another unit. Sounds like to need to write it up and layith some smackdown.:icon_mrgreen:
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I like this response. I, too, find that just explaining, and not fighting, to the UW usually generates positive results. Now, I wish I had an order like this, all I have been getting is SFR's and mostly REO's at that.

I agree. That "3rd" unit sounds more like an office for the owner. I had a similar one once only it was a 4 plex with a storage room converted to a "5th" unit. The owner complained to the lender that I did not count the 5th unit and the lender cancelled the loan because they would not loan on a 5 unit building. Glad I collected COD.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
The review found data in your report or from a secondary source to indicate three units. A detailed floor plan showing the traffic pattern could have saved you time and the reviewer‘s time also.

You should always review all on-line data for your subject and state the facts that are true and reasonable. If data exist on-line for three units and your report states two, this creates an automatic review. A reader of your report would appreciate the disclosure of conflicting secondary sources of data. It is now our responsibility to indentify errors or miss-leading on-line data for the potential review.
 

Lanny A Freng

Sophomore Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
Thanks for all your responses, still havent heard back from the lender. Maybe they really didnt care that much. Wasnt gonna effect value that much anyway.
 
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