Got a question about appraisels, property and all that good

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.58 Dollars($)

I saw you post on the other forum about it as well here is how i see it
You have a single lot with 2 houses on it. when you had it initiall appraised appraiser appraised it as a single family dwelling to make the loan work ( that means that the second house was not concidered but made the loan easier as there are some problems assosiated with having 2 houses on one lot. This may have given you a lower value for the property but mae for an easier loan. Now you need more money and here is what you can do:
1. Split the lot into 2 (there will be alot of issues with that beetween you, city you live in, county, lender ect.
2. Apraise your home as is with both houses and see if the value of the property large enough to be a colateral for your new loan as is. ( as this would be a business loa other factors are looked at. ( although they would be in 2nd position and that would cause some issues but it might work )

Well thats just great. Ain't no way I'm gonna split the property. There's gonna be issues with the well and septic, it may not be big enough to split the property, its gonna cost too much to get it surveyed and pretty much the business is gonna fail because I can't get any type of funding.

Thanks for the responses guys.

mikeshapiro · Posted: Fri Aug 24, 2007 2:25 pm Post subject:

Hi,

The real answer is there is a way to do whatever you want to acheive, but you might end up wasting time and $$ trying to do it.

Here is what I would do. Contact the lender who did the loan on house #1 and get a copy of the appraisal. If you already have a copy of that appraisal look at the plat map and lot size. Does it include the entire parcel with both homes on it? If so they they DID include the second home, or the the appraiser just didn't give credit to house #2.

If they didn't give credit for the full parcel of land and instead split it, you can then split the land into two parcels assuming its within zoning code. Then you'll basically own two seperate peices of property on seperate lots.

There are a lot of variables from there though, best advice is to go and speak with the assessor and ask for assistance. They are usually very good at helping and answering questions. Keep pushing until you get a firm answer on what to do.

What is the livable SqFt of both the homes? Could one be considered a primary residence and the other be considered a guest house or assessory unit?

I would only take advice from people with development experience on this. Best of luck!

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.58 Dollars($)

Hi,

The real answer is there is a way to do whatever you want to acheive, but you might end up wasting time and $$ trying to do it.

Here is what I would do. Contact the lender who did the loan on house #1 and get a copy of the appraisal. If you already have a copy of that appraisal look at the plat map and lot size. Does it include the entire parcel with both homes on it? If so they they DID include the second home, or the the appraiser just didn't give credit to house #2.

If they didn't give credit for the full parcel of land and instead split it, you can then split the land into two parcels assuming its within zoning code. Then you'll basically own two seperate peices of property on seperate lots.

There are a lot of variables from there though, best advice is to go and speak with the assessor and ask for assistance. They are usually very good at helping and answering questions. Keep pushing until you get a firm answer on what to do.

What is the livable SqFt of both the homes? Could one be considered a primary residence and the other be considered a guest house or assessory unit?

I would only take advice from people with development experience on this. Best of luck!

Yeah I'm very familiar with the time factor. I've been trying to get funding for the last 4 months now and its to the point now where I'm questioning whether this is all worth the hassel or not. I do have a copy of the appraisal and I've looked through it. Labeled as 1 acre. 1 unit is checked. I'm reading through it and really don't understand alot of things in the appraisal.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

I also sometimes find it difficult to understand the things mentioned in appraisal reports. Like Mike has said I would also advice you to consult someone experienced (people with development experience) in these matters to help you out.

Miller

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.58 Dollars($)

I also sometimes find it difficult to understand the things mentioned in appraisal reports. Like Mike has said I would also advice you to consult someone experienced (people with development experience) in these matters to help you out.

Miller

Yeah. Its like trying understand a new language. I think I'm gonna try and ask around here locally and see what they say. Every place is different and hopefully its easier than I think, but since luck hasn't been on my side in a long while, its doubtful.

OT: Would you guys know any angel investors that fund businesses soley on viewing a well thought out business plan?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

mikeshapiro · Posted: Thu Aug 30, 2007 9:48 am Post subject:

Feel free to ask any questions about the appraisal report you have. It can be a whole new language to anyone not in the industry. I can help you with any general questions on appraisal reports. Only thing is I can't offer opinions about the appraisal itself.

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.58 Dollars($)

Feel free to ask any questions about the appraisal report you have. It can be a whole new language to anyone not in the industry. I can help you with any general questions on appraisal reports. Only thing is I can't offer opinions about the appraisal itself.

Would you like to look at the appraisel report? I have it in a PDF file format.

mikeshapiro · Posted: Thu Aug 30, 2007 11:09 am Post subject:

Sure go ahead and email it to me. mike (at) 4realvalues dot com

let me know what questions you have on understanding it also.

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.58 Dollars($)

Sent ya an email Mike. Thanks again. Very Happy

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