House on Stilts

[Mutyger]

I have a question for you folks who appraise these. My subject house is on concrete piers and on the actual ground beneath the house the owner poured a concrete pad and no walls on both sides nor the back of it. I have seen another appraisal that was perfomed on this and the realtor who is currently listed say that the area below the house is a carport. My feeling is that this does not have any walls even lattice to secure the cars other than the house itself which is up above it. What do you think?

Thanks,
Matt

 

[Tony V]

Matt,

What if the real-o-ter called it a covered patio or porch....

They call and or make up names to entice the buyers....How about the old 1.5 car garage??...last .5 car I know of is a Yugo...

next thing you no they will call it an in-built garage....it is what it is..9in your market)..

 

[Midwest Guy]

Are you looking at something in northern St Charles County?

I have a question for you folks who appraise these. My subject house is on concrete piers and on the actual ground beneath the house the owner poured a concrete pad and no walls on both sides nor the back of it. I have seen another appraisal that was perfomed on this and the realtor who is currently listed say that the area below the house is a carport. My feeling is that this does not have any walls even lattice to secure the cars other than the house itself which is up above it. What do you think?

Thanks,
Matt

 

[Workbox]

I call it Parking Area and usually at times make a note that it can be used as a multi use utility area. And Yes find similar sales.

 

[JRS at OBX]

I call it a park under as long as it can reasonably be parked under. They are very common in my area since everything is on wooden pilings.

Oh, and thanks to the powers that be for only having 4 checkboxes for foundation. THE SUBJECT HAS A PILING FOUNDATION WHICH IS COMMON IN THIS MARKET. ALL COMPARABLE SALES UTILIZED HAVE PILING FOUNDATION UNLESS OTHERWISE NOTED Can't the underwriters see that? Come on. The reason that I didn't check a foundation box is because none of them are applicable!!! GRRRRRR!!!!!!

 

[Joyce Potts]

A picture is worth a thousand words. If you can park a car under it--VIOLA!

 

[John LaBelle]

... that this does not have any walls...

If it had walls, wouldn't it be a garage?

Sounds like a covered parking area, aka, carport.

 

[Mutyger]

Jim,

This one is is in North Eastern Lincoln County, just south of Pike County, but I do know the area your talking about also. Everything is in the flood zone down there. I am also considering putting in a comment basically stating that since this area is very prone to flooding that this house be inspected for any kind of potential damage as a result. The owner claims this was gut rehabbed in 1999, I'm thinking this could be as a result of a flood. Also this home was in exsistance during the flood of 1993.

 

[444nutman]

The last one I got on stilts I had to go 20 miles away(& too many hours combing MLS) just to find another one. They are not so common in my area. That loan did not close. The funny thing is that house sold about 4 months later. He must have found a different lender and a different appraiser. btw that is a carport.

 

[Midwest Guy]

Matt,

I would feel comfortable doing one of those again. Been a long time for me and one of those. As long as I could get comparable sales, and the deal was not going to the general wholesale market. I did several in St Charles County from 1994 thru 1997. I was hooked up with a B&C construction lender.

I was going to list one of those for sale, two years ago, the sellers changed their mind. Good Luck! Some exist along the Cuivre River, (both sides of county line) not sure if any sold.

I think your extra-ordinary assumption is very good and perhaps that the pillars are in such a condition and angle to support the home properly. If using current FNMA form, I would use the appropriate box and check with client for this being an acceptable SOW!

Jim,

This one is is in North Eastern Lincoln County, just south of Pike County, but I do know the area your talking about also. Everything is in the flood zone down there. I am also considering putting in a comment basically stating that since this area is very prone to flooding that this house be inspected for any kind of potential damage as a result. The owner claims this was gut rehabbed in 1999, I'm thinking this could be as a result of a flood. Also this home was in exsistance during the flood of 1993.