One simple question ?

[Ray Miller]

One question ----- I received an order for PMI Removal. They (AMC) would like it on an old 1004. The original appraisal was done as a single family home. That is where the problem is at. The subject is a two story duplex, zoned commercial with two store front rental retail space area or office area. The owner does not live on the property. The subject for the last 20 years was used as duplex with store fronts and zoned commercial. Beats me how it passed as a single family home three years ago.

I advised the AMC I needed to do a narrative on the subject property in order to do it justice. They said there system would not accept a narrative as their system could not read it, I could do it on an old multi-unit (four) and send that to them. Treating the office/retail space as an additional apartment. “That’s the way we have done these in the past.”

Yet I feel this is not correct either?

So my one question is how would you do this appraisal for PMI removal???

 

[Mike Kennedy]

"IT IS WHAT IT IS". Validating a prior appraisal is not our responsibility nor is developing and reporting intentionally misleading appraisal because that is "sufficient for the needs of the client".

Upgrade the assignment or walk away. (caveat - HBU commercial ramifications may preclude you from accepting the assignment in the first place)

 

[Lee Lansford]

:...Treating the office/retail space as an additional apartment. “That’s the way we have done these in the past.”

Yet I feel this is not correct either?

So my one question is how would you do this appraisal for PMI removal???

You are correct in your awareness that the commercial space can not be "treated" as an additional apartment.

I suspect that the person requesting wants you to conceal the fact that this space is commercial and not an apartment.

 

[Greg davenport]

So my one question is how would you do this appraisal for PMI removal???

First, I'd would ask if the pay is worth it.
My guess is not, so I'd pass on it.

 

[stefan olafson]

Ray!!

How can one individual get so darn many crazy assignments????

With your troubles (I suspect still on going, haven't heard otherwise) I'd saddle up and ride like the wind away from this one. You know how the appraisal got done last time, some skippy blew in, probably doctored pictures as well as forgot lots of stuff and got their paycheck.

If it has PMI is it an FHA loan? If so, contact FHA, if not run or in your case gallop away...

 

[CURT VAN HOOSER]

Just for **its and grins, you could verify the address one more time before turning it down....

 

[Joker]

First, put the address in the database. Fraud is fraud.

Second, I would report it in a narrative only. I don't like form reports.

 

[Ray Miller]

Ray!!

How can one individual get so darn many crazy assignments????

With your troubles (I suspect still on going, haven't heard otherwise) I'd saddle up and ride like the wind away from this one. You know how the appraisal got done last time, some skippy blew in, probably doctored pictures as well as forgot lots of stuff and got their paycheck.

If it has PMI is it an FHA loan? If so, contact FHA, if not run or in your case gallop away...

There was tons and tons of this stuff done out here in the rural area the last four years.

I still think the best two I reviewed were:

The gal that had the commercail fishing license, the fresh fish processing equipment in her basement with sign on the out side of the basement stating the cost per pound of the different fish from the Mississippi River and the commercial bait and sport shop next to the house. I got it for a 1004 review and not one thing mention in the report other then it was a sf.

The other one was the house that was missing the siding and you could see th pink in the picture through the trees and bushes. She called it new siding. Not one piece of siding on the house.

Yep lots of stuff went on and still going on.

 

[xmtpedprl]

AAAAAHHHH!!!!

Run away, run away..!!

;^)

Dave...

 

[Kevin Mc]

You are correct in your awareness that the commercial space can not be "treated" as an additional apartment.

We do have on occasion 2-4 dwellings which have a commercial classification. They typically were at one time used for commercial purposes but are now used as residential. Most lenders treat it as such being as the City of New York classification system can be misleading at times. I have no idea what you are dealing with Ray in terms of legal usage etc...but I have seen it before. Typically is was street level unit used for day care or something similar and reverted back to residential but the City never changed the classification.