Home we are approved for can't be appraised as residental even though it is.
We are trying to buy a home in a commercial area . Three appraisers have come out to the area but only one actually looked inside the house. Our finance company has denied approval on the house but has approved our loan. The zoning commission has sent codes and regulations to the finance company to let them know the house and property are residential. What can we do to get an appraiser to do an appraisal? We have done a lot of work on the house and hate to lose it. It is an FHA loan but the finanace co. says even if we switched to conventional we would still have the same problem. Could you please advise?
Your appraiser needs to get with the zonning commission "POWERS" and see what they are sending your mortgage company. Those THREE Entities HAVE GOT to be on the same page. At this point, unfortunately, you are at the mercy of not only your motgage company but that appraiser. Go with the one that is not affraid to think outside the box and is use to doing speciality appraisals. Call agents that represented AND have closed in that area on similar properties and find out what appraisers & mortgage companies for those properties. If others have closed in the area that are in a similar situation, SOMEONE had to appraise it correctly.
Good Luck and I hope this helps some.
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