medical marijuana.have some questions.

[CANative]

I think another issue that might come into play is the fact that the appraiser now KNOWS that the home could possibly be confiscated if the Feds wish to push the issue. Probably would never happen, but it could. That leaves the lender in a bind. I bet IF it happened, the lender would go straight to the appraiser and scream bloody murder that he/she didnt tell them. Is that a material fact worthy of discloure under USPAP?? I don't know - I'm playinfg devils advocate here. Thinking out loud.

I would disclose and let the lender deal with it.

And to the OP....PLEASE do not take the word of your mortgage broker that its should be OK. All he wants is to make a loan. And he really has NO IDEA how the lender will react (if at all).

todd

You should read the laws before posting things like this. I have. And I'm not concerned about pot growing in the house.

 

[William Rightsell]

You should read the laws before posting things like this. I have. And I'm not concerned about pot growing in the house.

Can...the feds are pretty clear on the issue...Its illegal. They don't recognize it.

todd

 

[Pat Butler]

The orignal poster has actually modified the dwelling for his growing operation. I'm sure b&z covers things like modifying a dwelling as well as whether or not this is a commercial operation. That falls under HBU and whether or not the use of the property is legal or not. Under federal laws it is NOT.

Have a scrip for medical marijuana is one thing, modifying a dwelling for a 300 sf growing operation is quite another.

What is the downside to disclosing what is going on is this 300sf portion of the house. Do you just ignore it? Do you choose what things to ignore in an inspection? I can't believe how many of you let your personal beliefs get involved in covering something up. Even the original poster has concerns about whether or not this will affect him getting a loan? Why, if it's totally a legal use of the property to be growing weed in your basement? Could it be that there just might be some lenders out there who will not lend on this property considering the use? Yes.

 

[TRESinc]

while i am a proponent of medical marijuana due to family members this statement is not true. marijuana is still illegal under federal law in all states. this includes growing.

Nice.

It's illegal so that big paper and pharma can continue to rake billions in a system of proprietary access. It's our civil duty to stop such an approach. We the people, should have access to our own resources.

If there was a tatoo and piercing code for state MJ industry workers, 90% of them would be disqualified immediately.

easy there killer, back it down a notch or two. i never said why it was illegal or that people have to do anything about it either way, just that under federal law it is illegal. i didn't make the law and quite frankly i don't really care if it is illegal or not.

 

[Elliott]

I don't know how "clear" the DOJ and Obama are on enforcing marijuana laws. If your a blue state, its probably fair to say the feds won't come down hard on you. If the political contributions meet the appropriate amount, the federal cop will probably look the other way. If Arizona were to adopt a marijuana law, the full force of enforcement and prosecution would come down on them.

Now if you possess a rifle with one of those black, scary handguards, then its no knock time by the assault crew.

 

[Delta85]

The orignal poster has actually modified the dwelling for his growing operation. I'm sure b&z covers things like modifying a dwelling as well as whether or not this is a commercial operation. That falls under HBU and whether or not the use of the property is legal or not. Under federal laws it is NOT.

Have a scrip for medical marijuana is one thing, modifying a dwelling for a 300 sf growing operation is quite another.

What is the downside to disclosing what is going on is this 300sf portion of the house. Do you just ignore it? Do you choose what things to ignore in an inspection? I can't believe how many of you let your personal beliefs get involved in covering something up. Even the original poster has concerns about whether or not this will affect him getting a loan? Why, if it's totally a legal use of the property to be growing weed in your basement? Could it be that there just might be some lenders out there who will not lend on this property considering the use? Yes.

Cover what up? According to the OP the area is "beyond code and professionally done" which I take to mean completed with proper permits if needed and approved by his town. In addition, he has a permit to grow the stuff in a state where it is legal. Unless the structure of the home has been altered in some way that creates a market reaction how is this the business of an appraiser? It's none of our business whether the lender might not loan due to weed being grown in the home any more than it's our business to inform the lender if we somehow find evidence that the borrower faked all his pay stubs.

 

[Delta85]

Can...the feds are pretty clear on the issue...Its illegal. They don't recognize it.

todd

And that effects the appraisal of the home in what way? There are many "illegal" things appraisers might witness while inspecting a home that the feds might take issue with but that have zero to do with the home or a current opinion of value on it.

 

[PropertyEconomics]

There is still an issue with "manufacture with intent to distribute" which is against Federal Law. While I realize the state has said its ok, the Federal Government has made it clear it remains a Federal crime even though the Justice Department has said they will not seek prosecution in such cases.

I would be concerned and I would ask perhaps my attorney how I should handle it with a lender.

 

[Lobo Fan]

Growing marijuana for any reason is still (I think) a federal offense. That means that the DEA could come tapping at your door and seize your house. It reminds me of an episode I recall where an appraiser had an assignment that was on 15 acres with numerous outbuildings. One shed was locked and it was quite a trek back for the key, The appraiser blew off looking inside the shed.

A few days later the DEA showed up and found a meth lab inside in the unispected shed. The banks had just made a $600,000 loan on a property that now belonged to the DEA. The bank went after the appraiser and won. The pre-printed forms state that the appraiser viweded any areas that contributed to the value. The appraiser included the shed on the sketch.

So, if you don't want to be paying on a morgage for a house being auctioned by the DEA, then I would make sure that the bank, the appraiser, and your insurance person all knew about your garden and acknowledged in writing that they knew.

 

[George Hatch]

It appears the main concern is seizure under federal drug enforcement efforts. Remember, *some* states already have laws on the books permitting it so it isn't going to be them.

This is one of those social evolutions where it's going to eventually go in the one direction but for now is in flux. In some areas more than others.

I can just imagine the situation if the OP gets rejected but also happens to be a member of a protected minority group with respect to Fair Lending laws.