Multi-family addresses

[Tim Hicks (Texas)]

In my market the address of the property is:
1048 Irene
and
1051 Irene.

The tax bill probably goes to a PO box and the legal description is "lot 36 of the Hicksville addition to the city of Hooterville, My County, My State"

The identifiers I use are the addresses, the legal description, and the parcel number. The address is not a legal description.

Wow, you have odds and evens on the same side of the street in Hicksville?...figures.

 

[Tim Hicks (Texas)]

The line that requires an "address" requires a zip code. That's postal service, and postal service says there are 2 addresses. So you are mixed up, legally or not.

So, according to you, when I report "Fort Worth (Keller-mail)" I am wrong because the mailing address is Keller, but the property is actually in the Fort Worth city limits? Hmmm.

Why would the physical numbers be any different?

I said I would have fun with this.

 

[Mr Rex]

What is the property address? I don't care where its located. That's why there is a location on the form for address, and one for Legal Description etc. I can't help it if the folks in Texas are too damn stupid to figure out where they live.

 

[Tim Hicks (Texas)]

What is the property address? I don't care where its located. That's why there is a location on the form for address, and one for Legal Description etc. I can't help it if the folks in Texas are too damn stupid to figure out where they live.

So, if you have a single family residence and a garage apartment that actually gets its own mailing address, you include both addresses on the URAR address line?

 

[CCAAMO]

Here is something I come across quite often. I receive a multi-family appraisal request for 1049-1051 Irene or 1049-1055 Irene. I do may research and the tax records show only one parcel with only one address (1049 Irene). When I arrive at the property, one side is 1049, the other is 1051, and/or so on.

On the appraisal, since the legal address is only one number (1049) and there is only one parcel, I only put that single address on the appraisal report. Of course, the mortgage company always wants me to change it. I always resist because the legal address in only one number. What say you guys and girls? Am I just a mean old appraiser who refuses to play well with others.

On the form under address you should indicate the legal addrees as per tax records. In an addendum you state "The legal address as per tax assessor is ----- and that the post address is ------. For the purpose of this appraisal, the correct legal address is assumed to be ----- which is indicated by tax asssessor (or what ever source you are using)".

If you add this to your addendum you will eliminate 95% of your problems.

 

[Mr Rex]

So, if you have a single family residence and a garage apartment that actually gets its own mailing address, you include both addresses on the URAR address line?

Why wouldn't you?

 

[Tim Hicks (Texas)]

On the form under address you should indicate the legal addrees as per tax records. In an addendum you state "The legal address as per tax assessor is ----- and that the post address is ------. For the purpose of this appraisal, the correct legal address is assumed to be ----- which is indicated by tax asssessor (or what ever source you are using)".

If you add this to your addendum you will eliminate 95% of your problems.

That is exactly how I do it, but lenders always want the URAR address to match their title documents, survey or sales contract. Then I have to decide whether it is a battle worth fighting. I have changed the address to the sales contract address and stated in the addendum that the legal address is only one address.

Which ever way I go, it seems to make somebody unhappy.

What do you do when everything you have says " XXXX Street," but the survey says "XXXX Drive" and they drew up the title documents to match the survey?

I have work to do, so I am procrastinating on the forum.

 

[Tim Hicks (Texas)]

Why wouldn't you?

But...but, then the lender would be angry for reporting an address not on their contract or tax records or survey or title documents.

 

[Mr Rex]

Different stupid stip I had from a lender yesterday. Please change your legal description to Db. 966, Pg 589 to match the title work, and she attached a copy of the same Deed Book and Page (Db 1187, Pg 886 )which I had scanned into my report, that said ....and is the identical property transferred in Db 966, Pg 589 yada yada yada... So I said, the info you supplied is from the latest, Db 1187, Pg 886, see page 20 of the report for a duplicate of what the title company is using. She said, change it anyway. I did, and added a little blurb in my addenda that the most recent legal Description was found at 1187, 886 as shown on page 20 of the report, but the lender had asked that I refer to the prior Db & Page for the legal description. I can be anal with the best of 'em.

 

[Bobby Bucks]

Mr. Hicks you’re getting worked over something that is minor in the current lending climate. I’ve had similar assignments and it is frustrating to fit all those numbers on the address box, makes one wish he were a G-Man and could use a narrative with cap rates and addenda with hieroglyphics. I suggest that you include a very detailed sketch (you know what that is) which includes all those cute little sink and toilet icons, that’s all the underwriters care about anyway. Add an addendum referencing the address issue for the title company and any anal reviewer who might see it and you’re done. It’s Friday. Save as a PDF and send it out. The only ones working late today are internet heifer peddlers.