Need help with a complex property.

[sputnam]

The property is what it is. The Highest and Best Use of the property is your opinion. If the Client appears to have a misconception about the nature of the subject property, contact them, have that discussion, give them the possiblilities that are allowed by USPAP, and see how they want to proceed. Revise your fee accordingly.

 

[Zoe]

Home office would be good in certain situations or child in college to live in or family member to live in. I would question the owners on what the property has been used for. If it was a purchase, I would ask the buyers what they intend to use it for.

 

[Zoe]

You can develop depreciated cost estimate and give it contributory value based on that alone. You need to check how it is zoned and classified. And ask owner what they have used it for and buyer what they intend to use it for if there is a buyer.

 

[jay trotta]

The property is what it is. The Highest and Best Use of the property is your opinion. If the Client appears to have a misconception about the nature of the subject property, contact them, have that discussion, give them the possiblilities that are allowed by USPAP, and see how they want to proceed. Revise your fee accordingly.

And in this day of computer ology, i always wonder why, they have no clue about what they are funding on?? Truckloads of ways to figure that out Before they request a job order. Which leads me to believe, they are "time wasters" and Low Ball Bid prone., IMO

 

[Terrel L. Shields]

I believe that secondary market generally frowns upon a SFR with TWO Accessory Dwelling Units. But consult the Selling Guide. FHA - 4000.1

conventional appraisal I am completing.

Please note that ALL bank appraisals are "Conventional" - There is a non-conforming conventional loan that comes from a bank (generally an in-house lender) who has to comply with the IAG (Interagency Guidelines) for appraisals. And there is the conforming conventional loan aka secondary market such as FNMA, FreddyMac, etc. FHA is basically a government guaranteed loan.

 

[J Grant]

And in this day of computer ology, i always wonder why, they have no clue about what they are funding on?? Truckloads of ways to figure that out Before they request a job order. Which leads me to believe, they are "time wasters" and Low Ball Bid prone., IMO

Imo, they ( the lender) usually will know what a property is. They might be hoping to get a naive or easily influenced appraiser they can get to call a multi-family is a single family or whatever is needed to fund the loan. This might explain why so many complex properties lately seem to be going to people with no clue how to approach them.

If is an AMC-assigned order, the AMC may not know what the property is since they often just pass it along from the lender.

 

[Zoe]

I believe that secondary market generally frowns upon a SFR with TWO Accessory Dwelling Units. But consult the Selling Guide. FHA - 4000.1

Please note that ALL bank appraisals are "Conventional" - There is a non-conforming conventional loan that comes from a bank (generally an in-house lender) who has to comply with the IAG (Interagency Guidelines) for appraisals. And there is the conforming conventional loan aka secondary market such as FNMA, FreddyMac, etc. FHA is basically a government guaranteed loan.

Yeah, they need to consult any guarantor and the lender. And others with knowledge on the subject. May have to go with only contributory value based on depreciated cost of the other improvements.

I assume if they are similar in quality and construction and design, depreciated cost estimates would need to rhyme with GLA adjustments of the three units. The one on the lake or pond may be worth more. Idk. Complex assignment. Client needs to know.

 

[KONA]

JG, having worked for lenders years ago and seen loan officers do this, as they were on commission.

 

[Zoe]

It sounds like the subject is located in a primarily owner occupied area. I could be off.

 

[Zoe]

I think about it in an area where air bnb would be H&B use if allowed per code. I think of places like California and Florida and many other places. It may be H&B use. Finding rentals for comparison would be easy in the large area. Depreciated cost estimates on contributory value may be best approach.

Seems like at least a $1500 job to me. Maybe $2000.