stewart appraisal
Freshman Member
- Joined
- May 21, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Looking for help on this one. I am appraising a two unit property with a finished basement (where owner is living). The first floor and second floor units are being rented. I have marked the appraisal as "owner occupied" and "tenant". The lender involved wants me to take off the "tenant" box marking. This is a FHA loan and I spoke with another lender/client of mine not involved in the deal. This client said that FHA allows for appraisal to be marked only as "owner occupied" in this circumstance. Does anyone know of this is true?
Second Part. The Subject allows for 2 unit properties. I have marked as a legally permitted use because the owner is living in a finished basement apartment (below grade). I would consider it a legal non-conforming only if the 3 units were all above grade. Is my reasoning flawed?
Thanks for the help.
Second Part. The Subject allows for 2 unit properties. I have marked as a legally permitted use because the owner is living in a finished basement apartment (below grade). I would consider it a legal non-conforming only if the 3 units were all above grade. Is my reasoning flawed?
Thanks for the help.