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mix use appraisal question

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AMappraising

Thread Starter
Freshman Member
Joined
Sep 16, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
does anyone know how to proceed with a appraisal where there is a barber shop on the first level and the two top levels are residential.
what form to use?

Any help would be really appreciated
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Sounds like a narrative assignment.
 

Edward OConor

Member
Joined
Apr 27, 2006
Professional Status
Certified Residential Appraiser
State
New York
does anyone know how to proceed with a appraisal where there is a barber shop on the first level and the two top levels are residential.
what form to use?

Any help would be really appreciated

First I would check with your state board. In New York ANY commercial use requires a General.

Second I would check with the lender to see which form they want it on. That said, I have seen them done on a 1025.
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
I don't use preprinted forms on such an assignment. Strictly MS Word, and MS Excel if I need spreadsheets.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
There are lots of new developments like that nowadays. First, you have to check with the planning Department. They may have special requirements. On one I did the zoning regs stated in no uncertain terms that the project and individual buildings were required remain residential in nature. AND, that of the two residential units, the owner/operator of the lower commercial unit had to be owner occupied. Furthermore, the 2nd residential unit had to be reserved for an EMPLOYEE of the business. Therefore, it could not be considered as a rental unit. I did the report on a 1004 and considered the other two units as ACCESSORY units. My report was accepted by the lender with no problems. The loan did not go through as the buyer did not qualify.
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
How are you at Income Valuation of Small Mixed-Use Properties?.... Narrative.
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
You should also perform an analysis of the commercial lease.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If it's going through the secondary market, the GSEs will buy the loan, but there's specific language. Check AllRegs or links through the specific sites.
 

GCJim

Senior Member
Joined
Dec 11, 2007
Professional Status
Certified General Appraiser
State
New Jersey
Most likely a narrative report with SC & Income Approaches, possibly a Cost Approach as well, done by word processor and spreadsheets. I have seen them done on form 71-B. Will also most likely need a certified general license.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
You might want to check with your E&O carrier and make sure you are covered for this. My E&O ins does not cover any commercial work.
 
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