Lender and AMC claim residential appraiser can do this appraisal-opinions

[glenn walker]

Looking at it through a California lens, that's a lot of bang for the buck! You get a place to live, rentals, and a business set up and ready to go for under 500K...

They sell things out here like that for a million bucks..or more ..lmao

 

[glenn walker]

At age 71 I am not looking for a "learning" experience and I have done mixed use before

Nobody's paying $5K....Lmao )

 

[George Hatch]

Not calling it a commercial structure. The apartments are a non conforming use and are also not one of the allowed conditional uses. This property is about 20 minutes from my house and I have done numerous appraisals in Darby township. How do you put this on an 1004

Cost to cure, if it comes down to that. That's what, removing a kitchen?

The more difficult issue to deal with for a location like that will usually be the overall building area.

"We will not loan on that property" is a separate issue from who would typically buy the property and how they would use it.

 

[Dublin ohio]

Cost to cure, if it comes down to that. That's what, removing a kitchen?

The more difficult issue to deal with for a location like that will usually be the overall building area.

"We will not loan on that property" is a separate issue from who would typically buy the property and how they would use it.

Removing the commercial kitchen is just a matter of removing the equipment. Then you have a big odd room. The 3-1br apts are another issue. I suppose you could remove those kitchens also and end up with 3 br's with their own bath. But there is no interior access to those units from the first floor. Regardless you still have to find something to compare it to. Even without all of the complications with the property itself and it was just a 5000 sf SFR home. Nothing that has sold within the whole county in the past year has little if any similarity to this property in sqft or design. They have been trying to get this appraised for at least a month with no takers and I am not "scared" of doing complex properties. But this thing is nothing more than a huge white elephant with not even a gray elephant to compare it to. Which in reality is the gist of the problem

 

[shrubberyvaluation]

'Specially because neither lender nor AMC would be liable for results of the appraisal--although sometimes it seems to me that the AMC should be considered integral to the appraisal rather than as representative/client to the end line client....

Not true, AMC and lenders get sued too. Of course its just a business expense for them.

 

[ZZGAMAZZ]

Not true, AMC and lenders get sued too. Of course its just a business expense for them.

Lenders are required to have an appraisal quality control process in place. but I don't know whether an AMC has ever been determined liable for results of faulty appraisal. [I also never understood the volume of AF complaints about heavy-handed AMC conditions because none of the 1000+ reports I did for a half-dozen different AMC's were conditioned by the AMC for anything other than my stupid errors of commission or ommission--but never a condition regarding my judgement or opinion [prolly because of Fernando's influence on the industry!!!]

 

[Tom D]

Have you read your State's position on mixed use ? \

Yes i have, as previously stated they burned appraisers for doing them here. Their reply is, as a cert only residential appraiser what are your qualifications to do a commercial highest and best use.
I was doing mixed use before certification. When cert came, there was no rule about it. Then the state had some cases and said, don't do dat. But you all do what you like. I agree with our state.

However, as a professional like an attorney, you can have your office in your residential home.

 

[Zoe]

My state say residential cannot doing anything involving commercial use, period.

They want it on a 1004, hahahahh. I don't understand, what form would you put it on. So the 1-4 family form says residential, but you put a mixed use on it. Or was this order for a narrative.
Before certification, i did mixed use on the 1025. I would not be putting it on that form now, mislabelling the form.

Well, consider the source. LOL

 

[Zoe]

You can do the appraisal legally.

 

[Zoe]

Mercury Network bid request. Second time it has been offered. Asking for a 1004. They are claiming this is just a mixed use property and any residential appraiser could appraise it. The listing info on Realtor.com is accurate except it fails to mention that there are 3-1 bedroom apartments on the second floor that would require approval from the township for their intended use.

https://www.realtor.com/realestateandhomes-detail/9334-State-Route-736_Plain-City_OH_43064_M40676-84453

Just for reference.

I think you would do fantastic job.