Comments on: Can you get a house re-appraised if you didn’t like the first guy’s answers? http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm Fri, 21 Oct 2011 00:09:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: PMM http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm/comment-page-1#comment-1268 PMM Mon, 24 Aug 2009 17:15:10 +0000 http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm#comment-1268 Is it truly classified as commercial property? Perhaps it is being classified as Owner Occupied Investment Property. This means that you will live there as your primary residence, but it's also investment because you *could* rent out the other side. Different guidelines for commercial vs. investment property. Either way, there will probably be a rate variance because it is not just a plain 'ol single family residence. She should shop around with other lenders to see if she can get a loan with a smaller down payment. If the appraiser was ERRONEOUSLY stating it as a commercial property, there's no need to re-appraise. Find out for yourself (through county records) if it is in fact, zoned commercial. If it is not, bring your proof to the appraiser and have him/her update the report. Typically the only time you want to re-appraise is if there is a dispute regarding the value of the home. Is it truly classified as commercial property? Perhaps it is being classified as Owner Occupied Investment Property. This means that you will live there as your primary residence, but it’s also investment because you *could* rent out the other side.

Different guidelines for commercial vs. investment property. Either way, there will probably be a rate variance because it is not just a plain ‘ol single family residence. She should shop around with other lenders to see if she can get a loan with a smaller down payment.

If the appraiser was ERRONEOUSLY stating it as a commercial property, there’s no need to re-appraise. Find out for yourself (through county records) if it is in fact, zoned commercial. If it is not, bring your proof to the appraiser and have him/her update the report.

Typically the only time you want to re-appraise is if there is a dispute regarding the value of the home.

]]> By: nickieandsarahsmommy http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm/comment-page-1#comment-1269 nickieandsarahsmommy Mon, 24 Aug 2009 17:15:10 +0000 http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm#comment-1269 I believe that it is possible to get it reappraised if you truly believe that the estimate was incorrect. I would also point out the fact that the property was listed as residential not commercial that is false advertising. I believe that it is possible to get it reappraised if you truly believe that the estimate was incorrect. I would also point out the fact that the property was listed as residential not commercial that is false advertising.

]]> By: Qyllix http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm/comment-page-1#comment-1270 Qyllix Mon, 24 Aug 2009 17:15:10 +0000 http://aspenfinancialgroup.com/can-you-get-a-house-re-appraised-if-you-didnt-like-the-first-guys-answers.htm#comment-1270 You always have that option. It should be noted however, that the appraiser has to look at the highest and best use of the property, as it sits vacant. The highest return for that property is most likely that of a duplex. In this case you will probably end up being the same. You always have that option. It should be noted however, that the appraiser has to look at the highest and best use of the property, as it sits vacant. The highest return for that property is most likely that of a duplex. In this case you will probably end up being the same.

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