Subject Property Not ANSI Compliant

[Zer000]

And for those wondering, this is the top of the doors on the second floor.

 

[CGinMN]

Rental? If so, an analysis of the rents could support an adjustment.

Looks to me like those ceilings have been dropped....

 

[Zer000]

Rental? If so, an analysis of the rents could support an adjustment.

Looks to me like those ceilings have been dropped....

Room rental on a weekly basis so I feel like that is not super reliable? correct me if I am wrong

 

[CGinMN]

Interesting... I wouldn't be surprised if that use is the result of functional issues. Honestly, what you described sounds like a boarding house, which is an ineligible property type. I would let the lender's underwriter know, because they might want to cancel.



Further, if you can't credibly develop the adjustment for functional utility, and you can't find sales with similar ceiling height issues to demonstrate marketability, it would also not meet the eligibility guidelines.

 

[Zer000]

Interesting... I wouldn't be surprised if that use is the result of functional issues. Honestly, what you described sounds like a boarding house, which is an ineligible property type. I would let the lender's underwriter know, because they might want to cancel.

View attachment 74949

Further, if you can't credibly develop the adjustment for functional utility, and you can't find sales with similar ceiling height issues to demonstrate marketability, it would also not meet the eligibility guidelines.

View attachment 74950

It is set up as a boarding house but its just a normal colonial, the owners use it for employees that come in and out, several of the properties were appraising are set up the same way. As for eligibility I am unsure outside of the refi what they are doing with the loan if they would sell to fannie, keeping it in house, etc.

 

[Zoe]

Interesting... I wouldn't be surprised if that use is the result of functional issues. Honestly, what you described sounds like a boarding house, which is an ineligible property type. I would let the lender's underwriter know, because they might want to cancel.

View attachment 74949

Further, if you can't credibly develop the adjustment for functional utility, and you can't find sales with similar ceiling height issues to demonstrate marketability, it would also not meet the eligibility guidelines.

View attachment 74950

Lender would be asking for a buyback. Don't know many lenders that want a buyback.

 

[Zoe]

It is set up as a boarding house but its just a normal colonial, the owners use it for employees that come in and out, several of the properties were appraising are set up the same way. As for eligibility I am unsure outside of the refi what they are doing with the loan if they would sell to fannie, keeping it in house, etc.

You need to find that out. You need to dig big time. What type of boarding house? What are typical tenants? Get income and expense reports from the owner.

Get a list of all leases. Get a copy of the leases. A half way house comes to mind but I don't know that.

It doesn't matter. You have to do your due diligence on setting the Scope of Work.

 

[Zoe]

For all I know the bank may want the loan in house. You have to do your part as an appraiser.

 

[Zoe]

Please don't tell me they are nightly leases. LOL

If they are, just let the bank know. Make the bank give you the records. Tell them I need these records.

 

[Zer000]

You need to find that out. You need to dig big time. What type of boarding house? What are typical tenants? Get income and expense reports from the owner.

Get a list of all leases. Get a copy of the leases. A half way house comes to mind but I don't know that.

It doesn't matter. You have to do your due diligence on setting the Scope of Work.

Find what out? What's happening with the loan? The home is owned by a company and their employees can rent a room weekly so they are the typical tenant, we have info on the rental rates.