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

[Zoe]

Yeah, I would just explain what you did here and say thank you for the opportunity but due to these reasons, I can't do it. Send me another assignment.

 

[Zoe]

Tell them to get an appraisal waiver and go with it. LOL

If you quoted in the thousands, you could probably do it, but they would not be happy with the appraisal.

Your safest route is decline.

 

[Zoe]

Okay, if you come back with this property does not meet local code (zoning) requirements, you are going to make many enemies.

Recommend another source of valuation.

You would need rent roll for sure and income/expense statements for like last 3 years.

Your designation gives you authority to do it.

I would probably quote $3k if I had the time to do it.

$4K quote might would be better

Your H&B use is shifting from single family owner occupant to income producing property perhaps.

I don't know how the local tax assessor has the property classified.

I can only give you generalizations. I don't know the subject property real property rights.

 

[Tom D]

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.

 

[ZZGAMAZZ]

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.

I wonder if the new format will include enough space in the SCA grid for differences among supplemental living areas to be adequately addressed???

 

[George Hatch]

The occupancy isn't necessarily the use.

Most of the kitchen improvements are personal property and not affixed to the realty. I don't see any aspects of the structures that are specific to a non-residential use. The typical buyer would normally be a residential owner-user, possibly operating a home office or such. It wouldn't be a rental income oriented investor.

If the building area itself is atypical then that's what would make this a difficult property to appraise. But not because there is personal property onsite. That normally gets excluded whether a property is appraised by a CG or not.

 

[Zoe]

The occupancy isn't necessarily the use.

Most of the kitchen improvements are personal property and not affixed to the realty. I don't see any aspects of the structures that are specific to a non-residential use. The typical buyer would normally be a residential owner-user, possibly operating a home office or such. It wouldn't be not a rental income oriented investor.

If the building area itself is atypical then that's what would make this a difficult property to appraise. But not because there is personal property onsite. That normally gets excluded whether a property is appraised by a CG or not.

How many individual units are here?

Think about it.

I can get sidetracked. We have like 4 units with kitchen, bathroom, etc.

See that is where it gets more complicated.

The H&B use on MV appraisal almost has to shift to income producing.

 

[Zoe]

I don't know this property from Adam so I may be last person in the world to ask.

 

[glenn walker]

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.

Have you read your State's position on mixed use ? Even Fannie-FHA considers mixed us as residential as long as the total % of properties commercial use is less than the residential use. You may want to talk with someone at your State Board. I know mixed use is not rare or uncommon out here where a CR license
fine. Also a portfolio lender can do what they want.

 

[Dublin ohio]

The occupancy isn't necessarily the use.

Most of the kitchen improvements are personal property and not affixed to the realty. I don't see any aspects of the structures that are specific to a non-residential use. The typical buyer would normally be a residential owner-user, possibly operating a home office or such. It wouldn't be a rental income oriented investor.

If the building area itself is atypical then that's what would make this a difficult property to appraise. But not because there is personal property onsite. That normally gets excluded whether a property is appraised by a CG or not.

So the plot thickens. Turns out the kitchen catering equipment is included in the sale price per listing agent. You also have 3-1 bedroom apartments on the second floor that are not a permitted use (conditional or otherwise) that would require a variance from the township. SFR use is grandfathered as the site does not meet current zoning and a conditional use permit is in place for the business. Not sure how you could shoehorn this onto a 1004 which is what the lender is requesting. The below is the flyer included within MLS

https://documents.flexmls.com//documents/cr/20250507154010977101000000.pdf?382087.9138236755