FHA appraisal question

[samray]

I have two separate side by side duplex structures, both on same survey, one common legal description and address. Need to have a 4plex appraisal for loan purposes. If the two separate duplex's are connected together by a common roof line, will an appraiser consider the property a 4 plex for appraisal purposes, instead of 2 separate duplex's?

 

[glenn walker]

It's 4 units ( On One Lot ) of income, so no matter what your compables would be 4 units as I doubt you will find two many two duplex properties one one lot. BUT call your FHA HOC and ask for directions on this. Also you had already posted this before in another thread.

 

[Tim Hicks (Texas)]

If it is four dwelling on one lot, then it is what it is. We don't use the terms "duplex or fourplex." We state two unit property or four unit property.

 

[sputnam]

If it is four dwelling on one lot, then it is what it is. We don't use the terms "duplex or fourplex." We state two unit property or four unit property.

Correct.

 

[glenn walker]

Four- Plex is just a design where all units are attached. You have 4 units, consisting of two detached structures , what you may find is your rents may be a little higher than on attached 4-units as they have more privacy than a 4 attached. BUT anyway just eliminate the Four-Plex from your mind. Think in terms of 1 to 4 units and on your 1025 form, you will show detached units and comps may be attached units. Two Duplexes Equals 4 Units

 

[Tom D]

the bigger problem is that. are there enough 4 unit properties to do an appraisal. big city here, but i don't do 4 units, never have enough comps in the good times. in the bad times there are no comps.

 

[sputnam]

Four- Plex is just a design where all units are attached. You have 4 units, consisting of two detached structures , what you may find is your rents may be a little higher than on attached 4-units as they have more privacy than a 4 attached. BUT anyway just eliminate the Four-Plex from your mind. Think in terms of 1 to 4 units and on your 1025 form, you will show detached units and comps may be attached units. Two Duplexes Equals 4 Units

Yes. It might be good to read the 1-4 Family Form (FNMA 1025). In the description section, there is a place to indicate how many buildings there are.