mix use appraisal question

[Richard Carlsen]

If you don't know how to do it, you are not qualified to do the assignment. You must either decline the assignment or prior to completing the appraisal, submit your plan to the client for his prior approval as to how you will overcome this inadequacy. If the client agrees, make sure you include the plan and exactly what you did to overcome the lack of experience in your report. Remember that for an appraiser just to accept an assignment, he/she must be geographically, educationally and experientially qualified.

Me? I would decline it.

 

[ghrousseau]

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

Check with your client. They may request the 1025 form. Fannie does buy mixed use properties under certain guidelines. I worked for a lender where we had a special mixed use loan product in San Francisco and New York. Usually the commercial space can not be more than 50% of the total GBA and must be located on the ground floor. Zoning needs to allow the mixed use and it must be conforming for the area. Also, there are sometimes restrictions on the type of business (ie no auto shops, dry cleaners, or anything with environmental concerns.) Anyway, I would check with the client first and they can make that determination.