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Legal non-conforming?

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William K

Thread Starter
Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Have a strange UW condition. UW wanted me to explain why the subject is a 3 unit building, when the county reports it is being assessed as a 2 unit. I have explained in detail in the original report and 2 subsequent addendums that the City's own website even confirms the subject is a 3UNIT, and that while the county assessor may wish to assess it as a 2 unit it is the city's building and zoning dept. that determine if the property is a 3UNIT or not. Now they ( lender/ underwriter) wish for me to contact the assessor about the subject property specifically and obtain some explaination why they are only being assessed as a 2 unit if it is a 3 unit? I have informed them that is beyond the scope of my appraisal, and that it is not my responsibilty to let the county know that "Hey it's a 3 unit and you only assessed it as a 2 unit". The lender now wishes to reject the appraisal because "Appraiser has failed to adequately explain why the assessor has assessed the subject as a 2 unit if it is a 3 unit building." m2: Any suggestions? It seems some underwriters are just getting too gun shy.:new_snipersmilie:
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Any suggestions? It seems some underwriters are just getting too gun shy.:new_snipersmilie:

No suggestions; you did what is appropriate.
I think you are right about the UW's.

In this market, a lot of retraining is going to happen; appraisers, UWs, loan agents/officers, etc. And, when I say retraining, I mean it is time to go back to basics (I include myself!). Your UW may not understand what you are describing or may just be gun-shy so they will try to find some appraiser who is willing to take the lending decision on this property off their shoulders and on to the appraiser's.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Assessors and Planners do not typically communicate with each other. Same government, different department with different agenda's.

Tell them you don't want to be responsible for increasing their client's taxes.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
How does the lender know the assessor's office has it listed as a duplex? The property usage code in assessment records here in Arizona could lead an out of state person confused. Duplexes, triplexes, and fourplexes all have the property usage code as 03___. Until some one actually looks at the configuration and field notes on the property record in the assessor's office, they don't know which type of multi-family exists. That might be their problem--they don't know how to translate the coding used in that specific assessment office.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Dear UW, see attached Copy of City Assessment record and Copy of City BZ record which override characteristically outdated County Record. Site is located in the City of ........... Have a nice day.
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
Dear UW,
An interview with the county assessor, he stated he does not remember, however the county assessor stated "off the record" he must have smoked a big one that day.
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
They wanna be the "GOOD GUYS".

The lender now wishes to reject the appraisal because "Appraiser has failed to adequately explain why the assessor has assessed the subject as a 2 unit if it is a 3 unit building."


Thats a load of crap. They are trying to find some reason (any reason) to reject the loan and NOT have to say it was a lending decision. They want YOU to look like the culprit.

What the county says doesnt matter - and they know it. If they really wanted to make the laon do you think this would stop them? No way.

Stick to your guns. Or turn it into a money maker. Ask them to send a $150 fee up front to cover your time and effort to make the inquiry in writing. They won't do it. They are just looking for a reason to reject the loan and still look like the good guys...

todd
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Dear UW, RTF Addendum! :D
 
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