Out of Option, Need Help!

[Zoe]

I would also have to associate with local appraisers and many others just to complete the job. Your looking at probably $4,000 plus expenses to the mortgage company???

I could probably do it for $2,000 with all expenses paid from mortgage company. Catch my drift? Go local. AMC is at fault.

 

[Zoe]

Trust me, there is no way that mortgage company will pay me to do it. You need to go local.

 

[Dublin ohio]

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.

The listing is a residential listing. The prior appraiser didn't turn down the assignment. They determined the HBU was commercial. With the exception of the 30 x 50 building that was used by the owner for his electrical contracting business. Nothing about the property says "commercial". Just because the 30 x 50 building has a couple of finished rooms that were used as offices. Doesn't make it commercial. Can't count how many outbuildings I have seen over the years that have a few finished areas in them. I have seen them used as home offices, craft rooms, man cave etc. Doesn't make them commercial.

 

[George Hatch]

For an appraiser who is accustomed to performing highest/best use analysis on a regular basis OR who has had previous experience with such properties in the past and already understands it, the HBU analysis might take as long as 10 minutes. Usually less than that. People tend to know what they normally do and tend to not know what they virtually never do.

 

[Zoe]

For an appraiser who is accustomed to performing highest/best use analysis on a regular basis OR who has had previous experience with such properties in the past and already understands it, the HBU analysis might take as long as 10 minutes. Usually less than that. People tend to know what they normally do and tend to not know what they virtually never do.

That's why I suggested go with locals.

I am like a goose in a tornado. I have no clue in Virginia. Hence, they can't afford me

 

[Zoe]

AMC gets $630. Appraiser gets $200.

I am purely speculating.

How many appraisers would find a way out on their cut from the appraisal fee?

 

[Zoe]

For an appraiser who is accustomed to performing highest/best use analysis on a regular basis OR who has had previous experience with such properties in the past and already understands it, the HBU analysis might take as long as 10 minutes. Usually less than that. People tend to know what they normally do and tend to not know what they virtually never do.

Here is problem GH.

You don't really know until you have all the comparables and uses allowed.

That takes a local. Obviously it was used as commercial before.

This man or woman operates a business that wants to buy it.

Think about it.

 

[Zoe]

Surely as nice as outbuilding was described, it has a bathroom.

 

[Dublin ohio]

This man or woman operates a business that wants to buy it.

The buyer is a music producer. Could run his business from an extra bedroom. It's not like a recording studio at all

 

[Terrel L. Shields]

Why "mixed use". Sounds like you are assuming that the 30 x 50 building can only be used for commercial purposes.

from the listing

"This nearly 9 acre property has a lot of features that make this the perfect place for someone who loves to work with horses and loves to work from home! The 1st Floor of the home features an open kitchen with a Family Room, Living Room, Full Bath, Laundry & Enclosed porch. The 2nd Floor has 4 bedrooms with a large Master Bathroom, walk-in master closet, Sitting Room off the Master with a deck and a 2nd Floor balcony. There is a 60'x30' multi use barn that was solidly built by Stoneburner, and is ready for the next visionary to come in and use it as it fits their needs. Another barn is an indoor riding arena set up great to show and ride, or can be used for storage. The farm has 10 different pasture areas that are fenced, an outdoor riding arena with an observatory, stable barn and tack rooms, run in shed, and a 40'x60' indoor riding arena. This setup is great for someone wanting to board horses, train horses, or to have an equine therapy operation at which is what this setup was used for."

OK, why is it "residential"? It is mixed use - agri, commercial AND residential by any measure.