Need help with a complex property.

[Zoe]

Many times owner occupants like other family members they know living next to them for many different reasons.

Depreciated cost on contributory improvements best approach.

 

[sputnam]

In my experience, most of the AMCs actually don't know. They know what their Lender/Client has told them. The Lender/Client knows what their borrower told them. Some of them may actually look at the property card or the MLS listing but, with few exceptions, no one is doing much research about the subject property until the appraiser starts. And why should they? It isn't the AMC's or the Lender's business to make life easier for appraisers. We sell a service. They buy that service. If you sell your service too cheaply, that's all you.

 

[J Grant]

In my experience, most of the AMCs actually don't know. They know what their Lender/Client has told them. The Lender/Client knows what their borrower told them. Some of them may actually look at the property card or the MLS listing but, with few exceptions, no one is doing much research about the subject property until the appraiser starts. And why should they? It isn't the AMC's or the Lender's business to make life easier for appraisers. We sell a service. They buy that service. If you sell your service too cheaply, that's all you.

I agree that most of the time, an AMC does not know much or anything about the property. They simply enter it into their system as represented and assign it.

The lender however might know a little more than you indicate. They do qualify their borrower and they do ask some questions about the property because they have to know what loan program a property qualifies for. They also need to know if a borrower owns multiple properties or just one, wrt owner occupant or investor status for the borrower. Some lenders have loaned on the property previously and have it in their system

I also believe, in some cases, either the borrower, or the loan officer, or both of them try to pass off the property as being X, because that would give the property a shot at getting the better residential loan terms., or get a problem property approved,, for a loan program.

 

[Sid Holderly]

On a lake these are not uncommon. They are difficult to do for an AMC (UAD nightmare). A local (very local) bank is easier to work with and may allow a narrative report which would likely take less time than adding extra grids, addenda, Scope explanation, possible rental searches (generally summer only) and appropriate Limiting Conditions and Certifications. Similar properties can be found on lake, but they generally must be searched for by agent comments (guest house, sleeping loft, garage apartment, etc) which takes time. Some agents here add al the finished area together which yo then have to sort out.

 

[Zoe]

How many meters did OP say were there? One property is responsible for utilities on it and other two properties are responsible for utilities on them? Are there two separate addresses? See, that could be an issue. Idk. I am not competent.

 

[Terrel L. Shields]

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

Loan originators and mortgage brokers work on commission. "Loan Officers" - bonafide employees of a regulated BANK are generally salaried employees who earn a bonus at years end which is not commission based... or if they have too many loans go south, get fired.