Out of Option, Need Help!

[djamesgoodwin]

Maybe you could get your agent to send the lender the original listings. Some agents think if something is commercial, it will be worth more, which is not always the case. The house and outbuildings were likely carved out of a big farm at one time. I'm outside of Nashville and recording studios in buildings like that are pretty common (but if you take out the equipment, it's just a big metal garage). I've seen horse barns converted to offices and worth more as barns. Good luck!

That's exactly what happened here. The agent thought it would be worth more marketing it that way. It wasn't.

 

[Zoe]

it is a bank statement mortgage. 7.6%, non FNMA non FHA. Im quite sure they'd likely sell the mortgage. I have not checked with Farm Credit, as from what I can tell, one cannot do a bank statement mortgage with Farm Credit.

What are the terms? 5 year, 10 year, 15 year, etc.

Is this mortgage company holding the loan?

What are total closing costs like points, origination fees, etc?

Did you ask the mortgage company if they were planning on selling the loan?

If you paid $630 for an appraisal, you have no idea what the appraiser was offered and what the AMC kept.

Neither do I.

 

[Tiffany Gibbons]

it is a bank statement mortgage. 7.6%, non FNMA non FHA. Im quite sure they'd likely sell the mortgage. I have not checked with Farm Credit, as from what I can tell, one cannot do a bank statement mortgage with Farm Credit.

It seems to me that FNMA and FHA are freely allowed to discriminate against the self employed. I have experienced the same a few years ago. Someone should check that out.

 

[djamesgoodwin]

What are the terms? 5 year, 10 year, 15 year, etc.

Is this mortgage company holding the loan?

What are total closing costs like points, origination fees, etc?

Did you ask the mortgage company if they were planning on selling the loan?

If you paid $630 for an appraisal, you have no idea what the appraiser was offered and what the AMC kept.

Neither do I.

30 year. No points. origination fees are standard. I suspect they will sell the loan.

 

[Tiffany Gibbons]

30 year. No points. origination fees are standard. I suspect they will sell the loan.

Have you checked Credit Unions? That's another option.

 

[Zoe]

You are talking about a huge amount of time to appraise that property and just determine if H&B use is commercial.

The appraiser being contracted for a fraction of the appraisal fee disclosed to you and AMC keeping much of it would lose money if done right.

That sir is why they declined the assignment.

 

[Zoe]

You can probably get an extension on the contract possibly. If it don't appraise, you can get your earnest money back.

Depends on your contract. If it has an appraisal contingency in it, you can, if not you could lose your earnest money.

Or you may have to cough up the difference between contract price and what it appraises for.

 

[BRCJR]

The shop could become an equipment shed for your "lifestyle farm" or a garage to park all your vintage vehicles in.

Just because a home-based business was run from the improvement does not necessarily make it a commercial property/assignment.

A competent residential Appraiser could do this assignment.

I know several in the Rockingham County area that do assignments like this one.

 

[Zoe]

That's exactly what happened here. The agent thought it would be worth more marketing it that way. It wasn't.

So the agent marketed it as commercial or residential?

This prior appraiser picked up on it previously being used as commercial somehow or they would not have declined the assignment.

 

[Zoe]

Idk. No way I could know and would not take the assignment if I accidentally did.

It would cost the mortgage company a pretty piece for me to do it. I would charge a fee plus expenses just to get to Virginia and have to get a temporary license to practice there.