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Got a question about appraisels, property and all that good

Posted on: 22nd Aug, 2007 02:40 pm
Hey folks,

Anyways here is the current situation:

I own one acre of property that has two houses on it. The 1st home has a 1st and 2nd mortgage on it totaling to about $65k. The 1st home was appraised for $65k last year in June. The 2nd house is free and clear. That house did not get appraised. Both houses are on one legal discription. Is there anyway of maybe reappraising the 1st house but add the 2nd house to it?

Property is located in Michigan.
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!
Posted on: 24th Aug, 2007 02:25 pm
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.
Posted on: 24th Aug, 2007 02:47 pm
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
Posted on: 24th Aug, 2007 05:34 pm
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?
Posted on: 24th Aug, 2007 09:09 pm
"Its like trying understand a new language. "

:)

" I think I'm gonna try and ask around here locally and see what they say. "

I would also recommend the same. It would be much better to get local advice on this matter.
Posted on: 27th Aug, 2007 11:54 am
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.
Posted on: 30th Aug, 2007 09:48 am
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 appraisal report? I have it in a PDF file format.
Posted on: 30th Aug, 2007 09:56 am
Sure go ahead and email it to me. mike (at) 4realvalues dot com

let me know what questions you have on understanding it also.
Posted on: 30th Aug, 2007 11:09 am
Sent ya an email Mike. Thanks again.:D
Posted on: 30th Aug, 2007 11:29 am
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