Live/work Appraisal

[Michigan CG]

Exactly, how do you get the lender to hire the right appraiser. From what I understand it goes in to a cue and they get to say "yes" or "no" and if "no" then it goes on to the next.... The first two turned it down. After the 1st one denied it, I asked the lender to put a note on the request asking them to call me before turning it down or accepting it. I have 5 comps within the same neighborhood. All 5 of them are the exact same zoning.

You might not like this but this is how it works with some lenders. They use an AMC (Appraisal Management Company) and many of the AMC people are clueless. Their goal is (sometimes) to find the person who will do it cheapest. They may have been told that the order is a residential property and have a fee of $500 total to work with and their goal (many times) is to find who will do it for $300 and they keep the rest of the fee.

This is not how it works with all of them, but with a lot of them.

Many times the e-mail will go out to the appraiser with "Product Type: Residential 1004 Form; Fee: $300; Date Due: 5/2/16. So if it is going to residential people they are turning it down because of the property type. If I were to get it (I have a commercial license) with the above I would simply delete the e-mail as I don't want to deal with an idiot who would not understand that the 1004 form is not appropriate.

I am not saying this is how your lender works but that is how many of them work.

You might want to find out how they are trying to assign it. I currently have a property exactly like you have (well the one I have is not in that good of shape). My fee is $1,200 and the turn time is three weeks. The lender does not use an AMC but they did try to assign it to a residential appraiser.

Good luck.

 

[Hannah Weekly]

lets try this
hklahr @ easthillvaluation dot com

remove all spaces and change dot to "."

Done.

 

[CindyR]

I click on your name and I can go to your profile or follow you... but I don't see anything to message you. can you message me and start the conversation?

new members have to wait a while for messaging privileges

 

[Meandering]

Although I do recall a 51% requirement in Fannie's guidelines some years back, that requirement is no longer included in Fannie's Selling Guide

Thank you,

I was pulling it from memory before I went out the door, that's why I put the question marks. It's good to know that my grey cells are still functioning.

Very helpful posts Tim. Thanks.

.

 

[Hannah Weekly]

Thanks, Michigan. That does explain things a little better. I would have no problem paying a higher fee for the appraisal, after reading Fannie's guidelines, it sounds like it will be a bit more of a hassle.
I loved it when we used to be able to suggest to the bank which appraisers to use.

 

[gregb]

That Greenfield historic district looks very interesting, from an appraisal perspective and otherwise!

http://www.coj.net/departments/plan...on/default/springfield-historic-district.aspx

 

[Hannah Weekly]

That Greenfield historic district looks very interesting, from an appraisal perspective and otherwise!

http://www.coj.net/departments/plan...on/default/springfield-historic-district.aspx

Here is another link to the neighborhood

http://www.sparcouncil.org

 

[Terrel L. Shields]

Might go Fannie Mae, no go FHA. Underwriting perdition almost guaranteed.