All Forum Posts by: Jennifer Day

Should the lender have to refund me the appraisal cost because they failed to look at the zoning on the preliminary title report?

The zoning has been the same since day one. It didn't make any difference when I bought.

I pay residential property taxes. This came up 4 months after application, only after the appraisal came back. I think they should gave caught this on a preliminary title report? The appraisal also came back as a two bedroom, when I bought it MLS and original appraisal said it was a three bedroom.

I was 4 months along trying to refinance my primary residence, the appraisal came back that the single family house is zoned general commercial and now the bank won't finance because if it was ever destroy over 80% that a residential property could not be reconstructed. I think I've lost my 3.125% rate lock on a 15 yr conventional loan. Do I have any options available?

I was 23 when I bought my first property. Bought the second one at 28, and the third 6 months ago. I'm currently 32 and have two income producing oroperties along with my primary residence. You'll find that financing can get a bit tricky by the third one, but it's well worth it! Best of luck!

Jen

My personal philosophy is: if you wouldn't live there, you shouldn't be renting it out! Creeky floors are one thing, but if there's structural damage then you need to walk away. Sometimes the underlayment can be shingled over, but it sounds like someone did a quick fix. Put an inspection addendum in with your offer, and get a professional inspecion before you make any final decisions. The inspection can also be a price negotiating tool.

I just re-roofed my house and got rid of the ugly orangish-brown shingles and replaced with gray demensional shingles. Very Pretty! I would recommend sticking with black or gray, and they go well with all house colors. Would not recommend going with orange/brown, blue or green shingles!!!

Along with everything you're learning, the market is every changing as well. There will always be new things to learn. Best of luck to you!

Compare it to all the other houses you've looked at. If it's the right fit for you, then it's right. Most likely the appraiser will use the total square footage, and number of bedrooms and baths for comps. If you're planning on renting out the units just do your homework and make sure it pencils.