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

[Damienvball]

the company just wants their appraisal done and will make it sound easy to get rid of it. But once you get into a nightmare assignment, its not worth the money.

'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....

 

[glenn walker]

All depends how bad you need the money and whats your time worth ? If you have nothing coming in and you don't have other resources than your biggest liability is going broke.

Older guy's worried about legal liability but younger hungry guys more worried about economic survival and frankly we knew lots of skippys who ran 30 plus year careers and never had any State Board issues. Others did everything by the book and got sued or State Boards came in and hammered them.

 

[sputnam]

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

Why is this even a question? The appraiser decides which assignments to accept and which to reject. If you do't want to tell them the real reason that you are rejecting it (ie, I'm not competent... or... I could do it but it's going to be a pain and you won't pay me enough) just tell them you are too busy.

 

[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

Complex to put it mildly. If I was even competent in subject market, it would take me few days.

I'm not competent on subject property so there is that.

If it was in the market I service, I would be high on my fee.

There is no way they could afford me to come to the subject market and get competent..

I could get competent. It would be very expensive and then the client could be upset. Homeowner too.

 

[Dublin ohio]

Why is this even a question? The appraiser decides which assignments to accept and which to reject. If you do't want to tell them the real reason that you are rejecting it (ie, I'm not competent... or... I could do it but it's going to be a pain and you won't pay me enough) just tell them you are too busy.

So you would put in on a 1004?

 

[ZZGAMAZZ]

the company just wants their appraisal done and will make it sound easy to get rid of it. But once you get into a nightmare assignment, its not worth the money.

'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....

Damienball: Please cite your source. The use of the word "'Specially'" tipped me off. Like Rodney Dangerfield would say, "I resemble that remark." LOL

 

[ZZGAMAZZ]

All depends how bad you need the money and whats your time worth ? If you have nothing coming in and you don't have other resources than your biggest liability is going broke.

Older guy's worried about legal liability but younger hungry guys more worried about economic survival and frankly we knew lots of skippys who ran 30 plus year careers and never had any State Board issues. Others did everything by the book and got sued or State Boards came in and hammered them.

I'm an Older Guy worried about economic survival. Seems that I am the square peg who can't fit in anywhere...

 

[glenn walker]

I'm an Older Guy worried about economic survival. Seems that I am the square peg who can't fit in anywhere...

Your biggest liability is going broke not getting sued or license taken. I knew a old appraiser in your area and he was Balz to the wall and I asked him if he ever worried about liability? He responded no I doubled my E&O for a extra $1,000 a year and if I get sued F them and if they get a bull**** judgement I will file bankruptcy and be done but if I pull off another final 5 years making big money then I win.

The crazy old guy was making money hand over fist and retired at 75 with a free and clear 4,000 Square Home in the Anaheim Hills and then died at 88.

 

[George Hatch]

So you would put in on a 1004?

If the HBU/improved is as residential then of course it will fit on a 1004. It just won't be pretty, and Hal-2026 might have a tough time reading it.

 

[Dublin ohio]

If the HBU/improved is as residential then of course it will fit on a 1004. It just won't be pretty, and Hal-2026 might have a tough time reading it.

I could see it as being "subject to" a couple of things like removing the commercial kitchen and what do you do with the 3 apartments on the second floor that are separate from the first floor and only accessible from the outside. That are not a permitted use conditional or otherwise. "Subject to" whatever you would have to do with them? Basically having to make it "subject to" it being converted to a single family residence