Out of Option, Need Help!

[Raven59]

My ex was an adult business teacher. She measured me at over 100 wpm, and I probably do no more than 40 now. But I think the reason I can 'do' a report quickly is by using WordPerfect (the ex was a certified WP "expert") I actually have calculating tables within my reports, so I am not flipping back and forth between Excel and Word. My templates are 3 kinds-template, merge file, plain. One for exhibits. One for the approaches and one for the intro-summary. Within each I have variations, so if I need 12 pix, I get the 12 pix template, 6 pix, ditto. zero to 24. Same with approaches - 1, 2, 3 - which 2,

Although I have my templates, I still lack input speed. I don't peck, but I certainly poke at your speed.

 

[Zoe]

That's something I don't know. It's TJC Mortgage out of Alabama. They specialize in bank statement mortgages like I'm using. I have reached out to a more local lender though, who does have in house appraisers and uses these products. Now that Im armed with a little more knowledge. I didn't expect this hiccup at all, before.

That tells me the lender is not from the subject area. So, that presents some problems. I assume you already have a contract on the property.

With it being a mortgage company, they likely won't hold the loan. So they have to sell it.

You explained many things. Thanks

A local lender is your best shot. They may be able to sell the loan or keep it.

 

[Zoe]

You can explain this to the mortgage company.

Has your agent or the seller give you a clue what they have spent on improvements or all the extra improvements?

 

[Tiffany Gibbons]

I shopped a bunch of lenders, and all said this property was no problem, albeit unique. So I chose the one that git me the best rate, and our closing date is supposed to be March 18! Ha.... obviously not happening.

Well, considering it has been continuously listed since 2019 (different agents and prices) and it has not sold, I'd say be looking for something different. And if you do buy it, have a home inspection and septic inspection, hopefully it is on public water. The house being built in 1900 with no close up photos of the exterior and that metal roof and unpainted rear deck might be the actual issue. The listing agent's description of a "30 x 60 Office Building" with photos of offices and conference room, along with the 40 x 60 "indoor riding arena" is probably the red flag. The house doesn't look that great, in my opinion. The acreage is triangle shape, which reduces the usefulness. I'm telling you, "bank statement mortgages" can be hard to get. Will you have some cash from your present home sale?

 

[Surf Cat]

And if you do buy it, have a home inspection and septic inspection

^^^^^ A must.

My brother has a property in Seattle that's on septic. The laws, rules, requirements, etc. for septic is brutal. They get him coming and going for $$. Definitely have everything checked out.

 

[Tiffany Gibbons]

^^^^^ A must.

My brother has a property in Seattle that's on septic. The laws, rules, requirements, etc. for septic is brutal. They get him coming and going for $$. Definitely have everything checked out.

I always think of the Septic Tank lady thread and ABN Mike, the Veteran who purchased a 200 year old house sight unseen that had lead paint chips from the windows that his 4 year old got lead poisoning from (then he took that part out of the post) both posters were mad at the appraiser and suing the appraiser, etc. but not mad at the AMC, bank, either agent, the home inspector, etc.

 

[Terrel L. Shields]

The listing agent's description of a "30 x 60 Office Building" with photos of offices and conference room,

Yet it is not "commercial" - sure,

 

[Tiffany Gibbons]

Yet it is not "commercial" - sure,

No AMC needs to be involved, for sure.

 

[sputnam]

A competent appraiser will have little trouble appraising the property. The problem is that AMCs often don't adequately vet the appraisers. Further, AMCs just try to do what the Lender tells them. If the loan type you are seeking requires a certain appraisal report format then, that is what the AMC will seek from the appraiser. There are loan programs for pretty much every property type. Guiding you to the right one is part of the loan officer's job.

In my opinion, the property as you describe it, is not appropriate for reporting on a 1004 form. And probably shouldn't be assigned to most residential appraisers.

 

[Zoe]

Seems like the AMC took the word of the residential appraiser that the HBU is commercial and is now sending out a commercial appraiser. The commercial appraiser could get out there and go wtf am I doing here.

I doubt they spent much time at all on H&B use. I have a gut feeling they didn't even want to get that far for $630.

They likely said I can't do it. Sorry. LOL

From preliminary analysis, they had enough to say I don't want the assignment. It's H&B use is commercial. LOL

My gut feeling.

By the time you have done H&B use analysis on it, the assignment is 1/2 complete probably.

They looked at the history on the property and that was enough to scare them off along with the fee. Sorry, this H&B use may be commercial. I am not competent. Could have said even if it is residential, I am not competent. Please reassign.

Many appraisers will accept an AMC order before they even take time to do preliminary analysis on a property.

Likely what happened here.

An appraiser can legally claim incompetence anywhere in the process per USPAP.

This appraiser claimed it up front. Smart choice at $630.

Appraiser said you keep your $630. I ain't doing because I am incompetent.