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Updated about 5 years ago on . Most recent reply

User Stats

17
Posts
4
Votes
Julio Ramon Barcelo jr
  • Rental Property Investor
  • Sunny Isles Florida
4
Votes |
17
Posts

Property can’t be appraised

Julio Ramon Barcelo jr
  • Rental Property Investor
  • Sunny Isles Florida
Posted

Have a property under contract. 10units cash flows great but two appraiser said they couldn’t appraiser it. Says property isn’t zoned for the current use it has. Also some Airbnb action. This is what the lender said “

Here's what the Hollywood Planning and Zoning office has on the property. Here's a link to the specific zoning information, but the bottom line is the property is not zoned for residential use except on the second floor and above. Because the property is not zoned for residential use, I (and really no one that's using institutional money) won't be able to get residential or multi family loan on it. Someone could buy the property for cash, but I don't know any lenders that would lend on it.

Sorry.

Any thoughts?

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