All Forum Posts by: Todd Smith

I am still looking for a lot minute ticket $500. I can not attend all 3 days.

Looking for last minute ticket. I can not attend all 3 days. Willing to pay  $500.

Hello, I can not attend the first day. I have another commitment.  I would be willing to pay $500 for the last 2 days.

Todd

Hello, I can not attend the first day. I have another commitment.  I would be willing to pay 500 for last 2 days.

Todd 

We will have to agree to disagree. I lived this very scenario. I could have sold the same property that  I refi the new day for 40% more if I broke the title into 2 single units like next door. I did not want  to sell the duplex. Splitting them would create 2 loans 2 tax bills 2 insurance policies all costing more than a single tax bill, insurance  policy, and 2 loan fees. Of course if I ever sell I will split them for this reason.

I learned this the hard way. I can say without a doubt most real estate agents and loan officers are not even aware this rule. I had to call the State appraiser office and another loan officer that specializes in 2-4 unit small MF loans. Either they were all wrong or this is the rule. I am sure of my FMV was correct. The next door duplex( identical age/builder/design) that were retitled into 2 single units form 1 duplex sold at my stated FMV(40% higher) just 45 days before this loan. It was the best comp in the area, and they refused to use it; the outside consults stated it violated agency lending rules. The RE agent and loan officer I had were totally befuddled.

sorry typo must be like kind property and use other small MF for comps. Small MF broke into single by title do not count!

I am no professional but this is agency guideline. It must like kind structure. If titled as 1 property, must use-their smallMF for comps. I heard this directly by president of state appraisal office and a leading lender who specializes on small MF.

I recently ran into this issue:  If this is Freddie Mac or  FNM buy , they must only use comps of other small multi families(2-4 plexes). If there are none, they go back farther in time out farther in distance. I was the last duplex to sell back in 2018. All other units were divided into single units and could not be used as comp.  They could not even use my purchase in 2018. I appraised at 2016 prices!  I paid for 2 appraisals with same results. As a result , the appraisal was 40% below market value. This is a strange rule that appraiser's must follow. Basically you are stuck; you  may try a portfolio lender.

Why the disconnect between 2 real estate professional in same Idaho market for FIG?