Out of Option, Need Help!

[Tom D]

lenders will say they can do your property, even when you describe it as being different. but they really don't know what it is until they get the appraisal. you need a local lender and appraiser who can tell the difference from commercial and residential. i don't know your state appraising rules, but many residential appraisers would not be qualified to determine if it should be residential or commercial.
you kinda have ask the questions to the lender and appraiser to make them tell you they have this experience. i would also be there when the appraiser goes thru.

 

[mp2277]

The availability of comparable sales activity will go a long ways in determining whether you qualify for a "conforming loan program," or not. But first, you have to find an appraiser who agrees with your HBU analysis, as most of us on here do.

I agree, I also think the reluctance is the AMC is offering a standard fee and the complexities require more. Let them offer $1000 and they will find an appraiser who is willing to invest the time.

 

[ucbruin]

I agree, I also think the reluctance is the AMC is offering a standard fee and the complexities require more. Let them offer $1000 and they will find an appraiser who is willing to invest the time.

This leads to a follow up question to the OP (apologies if it's already been asked/answered)....

OP....
What is your lender charging you for the appraisal....

 

[Tiffany Gibbons]

lenders will say they can do your property, even when you describe it as being different. but they really don't know what it is until they get the appraisal. you need a local lender and appraiser who can tell the difference from commercial and residential. i don't know your state appraising rules, but many residential appraisers would not be qualified to determine if it should be residential or commercial.
you kinda have ask the questions to the lender and appraiser to make them tell you they have this experience. i would also be there when the appraiser goes thru.

No way. The buyer does not need to be there when the appraiser is there. It's a vacant property. Nobody needs to be there with the appraiser.

 

[Tiffany Gibbons]

This leads to a follow up question to the OP (apologies if it's already been asked/answered)....

OP....
What is your lender charging you for the appraisal....

He paid $630, so the AMC is probably getting half of that.

 

[Zoe]

This leads to a follow up question to the OP (apologies if it's already been asked/answered)....

OP....
What is your lender charging you for the appraisal....

Yeah, likely $630. He or she disclosed fee earlier. Appraiser may have been getting $300. LOL

That appraiser is gone with the wind.

 

[Tiffany Gibbons]

I agree, I also think the reluctance is the AMC is offering a standard fee and the complexities require more. Let them offer $1000 and they will find an appraiser who is willing to invest the time.

The closing was supposed to be March 18. How do AMC's speed up the process again?

 

[djamesgoodwin]

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?

Yes a lot of cash from sale of current home in NY.

The listing photos do it no justice, to be sure. it's actually a great house that just needs some cosmetic updates. And here is the big thing - it was listed with standard agents for most of its history for sale. Then, the seller's contractor and friend, decided to take on the listing, and heavily focused on the extra building, which is paradoxically not how we came to see it. The 'offices' are really just dividers when you see it on person. it would take all of an afternoon to remove them and open up the space which is exactly my plan.

We already had our inspection, etc... our close date was to be March 18. But now we're in this mess

 

[djamesgoodwin]

Considering the complexity of what was presented, no, I'd be higher than $630, but the report writing of my reports is not a big obstacle and basically I can write the report in the same amount of time I used to fill in a form.


What the appraiser chooses to call it, well, that's up to them. Yes, I would consider it 'complex' by most any definition. And, personally, since I no longer even subscribe to form software, it would necessarily be a narrative. OTOH, Narratives are not acceptable to secondary market. They cannot data mine a narrative.

So, the question for @djamesgoodwin is who and what kind of loan are you getting? If the AMC accepts a narrative, then the loan is not for FNMA or FHA. Is it an in-house loan? So what kind of interest rate? And have you checked with Farm Credit about if the property qualifies for the loan?

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.

 

[Tiffany Gibbons]

Yes a lot of cash from sale of current home in NY.

The listing photos do it no justice, to be sure. it's actually a great house that just needs some cosmetic updates. And here is the big thing - it was listed with standard agents for most of its history for sale. Then, the seller's contractor and friend, decided to take on the listing, and heavily focused on the extra building, which is paradoxically not how we came to see it. The 'offices' are really just dividers when you see it on person. it would take all of an afternoon to remove them and open up the space which is exactly my plan.

We already had our inspection, etc... our close date was to be March 18. But now we're in this mess

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!