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MacMortgage
70 Posts |
 Posted - 03/20/2008 : 2:41:04 PM
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Have a 4-plex that was recently zoned C2 by the county. It is being used as a residence, and there is a rebuild clause that lets the owners rebuild within one year as it stands if the cost to rebuild is equal to or less than the market value (and market value is MUCH higher than cost to rebuild).
Everything else about the deal would fly thru the FHA scorecard. Is the property eligible? Can you think of any pitfalls I need to be prepared to avoid?
Appraisers and everyone else, thank you for your responses! |
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MacMortgage
70 Posts |
Posted - 03/21/2008 : 11:32:35 AM
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| Anybody? |
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gsgroupinc
1944 Posts |
Posted - 03/21/2008 : 11:46:35 AM
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| rebuild letter issued? if so what % |
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nowbroker
1055 Posts |
Posted - 03/21/2008 : 12:04:20 PM
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usually this is fine provided:
1) Rebuild letter provided by city
2) Appraiser discribes property is currently the highest and best use, and no major detrimental commercial uses nearby (next door to high traffic gas station, etc.).
3) Appraiser addresses this are is not in a changing use (houses being torn down to be converted to commercial) |
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MacMortgage
70 Posts |
Posted - 03/24/2008 : 08:20:23 AM
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| Thank you both for your replies. I think the city is actively trying to convert the area for a different use, as they have offered to buy the property on multiple occasions. |
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