Mixed use Fannie Mae

[Pattyflower]

No one is hiding that the unit is owned by an LLC . They know

 

[Terrel L. Shields]

I don't know where you get so much hatred....

He is trying to save you a lot of grief. So go ahead. Take the assignment and wallow it around for the next month. I do those for banks as in house commercial loans. I would not touch one for secondary market for less than $5,000.

 

[KONA]

"El Passo"

 

[Pattyflower]

How is it better to do it as in house commercial , ? Do you mean you get mi more money for doing it as commercial , eventhough it can be qualified as a residential Fannie Mae?

 

[Terrel L. Shields]

How is it better to do it as in house commercial , ?

Because the report is written to comply with USPAP and the IAG. Doing it for FHA or FNMA means the report MUST be written on their forms, using their protocols as found in the 4000.1 or the Fannie Mae Selling Guide. I do all narratives. I never do anything for secondary markets. They would take one look at it and stuff in a file - probably no review, no stips, nothing. Real banks holding their own loans in house are not beholden to Fannie or FHA rules. Some community banks don't even have a secondary market lending department. They don't have loan originators. They have loan officers. Those loan officers know that they can be fired if a loan goes south so they do care about the value and don't care about form filling software, portals, etc. What's it worth. Period. That's what they care about.

 

[glenn walker]

I don't know where you get so much hatred....

Patty there is no hatred-- my family also own LLC and are investors and we love appraisers who give us what we need. In the Real Estate World we take off hats and when I have my Broker -Investor hat on I want friendly appraisers. In your situation apparently you have more than a typical appraisers interest otherwise you would have accepted th assignment and just would have done it ? So just go do it and STOP the non-sense about hate we do not deal with Snow Flakes who want answers that fit their agenda !!-- If you cannot do it then fine but don't bring in hate into the agenda.

Do it or do not do it and stop the Drama

 

[glenn walker]

A New Troll : ) LMAO

 

[Mike Kennedy]

I don't know where you get so much hatred....

um........It's not hatred - it's Wisdom borne from Experience. Be smart - heed the advice.

 

[Pattyflower]

What would you consider most convenient if you have this property and you want to refinance for a better loan with Fannie Mae and you are not an appraiser. Where would you find a good ethical appraiser who would do this appraisal for residential mixed use. ( Not for commercial just out of greed )

 

[nstanbru]

What would you consider most convenient if you have this property and you want to refinance for a better loan with Fannie Mae and you are not an appraiser. Where would you find a good ethical appraiser who would do this appraisal for residential mixed use. ( Not for commercial just out of greed )

What would you consider most convenient if you have this property and you want to refinance for a better loan with Fannie Mae and you are not an appraiser. Where would you find a good ethical appraiser who would do this appraisal for residential mixed use. ( Not for commercial just out of greed )

It would be appraised as mixed use (residential/commercial). What you don't seem to understand is that the property or the project doesn't meet FNMA requirements to appraise it as residential and not include the commercial portion on a 1004 form. I looked up the address you posted. Did you notice the existing loan is an SBA loan? That should tell you something. You need to do more research as to the breakdown between the residential and commercial portions, the original building permits and the zoning allowances.