] "An owner of a three-unit property in the City of Lynn was found liable for the death of tenant occupying an illegal third unit on the third floor in a legal two unit building."
"The
lender and
the appraiser were also brought to court. I do not know the outcome from the trial, but the building department had copies of the letters sent to the owner to stop using the third floor as a living unit. There was no second means of egress and a third unit was not allowed. "
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POSSIBLE SCENARIO:
The lender refinanced it with a driveby which hit the $$ and the REALITY was beyond the SOW because......... "the dby was sufficient for the needs of the client (and the appraiser who did the report). The owner got his money. The Lender got theirs. The appraiser got his/hers.
In the end the Tenant trusted the Owner and hopefully........the OWNER can mull over the definition of GREED during the next 20 yrs+ as can the Lender and the appraiser.
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"The city was excused from the trial as they policed the property and was in their rights to request the third unit not to be used. There were over five letters sent to the owner in a period of less than two years before the fire occurred. The lender being sued asks me to do the review of the three-family appraisal report. This was back in 1994 and since then a
multi-family request makes me dig deep for the legal use."
:icon_idea: Suggest digging deep on ALL assignments.
Excellent post Kevin.