property appraisers

I am trying to get financed to buy a little 10 acre farm right now, the property is badass with a big old barn and several outbuildings. We are trying to get a construction loan, fix the house up within a couple of months, then get refinanced on a mortgage. I have concerns building my legal medical grow room and growing until after the suits have gone through. On one hand I'm like fuck you, my house, legal activity, no problem, but we all know how that can work sometimes. Has anyone had experiences of this nature?

An appraiser doesn't really care if you're legal, what he wants to know is if all your electric/plumbing/construction alterations for that grow room are building code legal.

I was thinking my grow significantly adds value to my home. I didn't think finding an appraiser would be difficult. I believe my shit is getting done properly and I plan on making a profit off the house
from the basement improvements. Yes I said profit motherfuckers. I even figured buying other houses in Michigan and adding grow facilities would be just what's needed to make those sell. I look at
it as a sauna, hot tub, swimming pool...
I will follow along.

There will be a point where a proper grow facility in a home will def. inrease the value, it's an upgrade.

rooky1985 said:

There will be a point where a proper grow facility in a home will def. inrease the value, it's an upgrade.

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This thread is making me a little bummed. I thought we passed that point a few years ago.
I guess as usual, it isn't as easy as I thought.
But, as usual, I'm gonna try it anyway.

appraisers rarely go in the house. They base your appraisal off of comparable sales in the area. Although the property you described sounds very unique, so there may not be many comparable sales to base the appraisal off of, hence the "inspection".

^ completely false information. I've had a real estate liscense and know many appraisers.
they will come in the house, they are required to especially now w tight lending.

gladstoned said:

I was thinking my grow significantly adds value to my home. I didn't think finding an appraiser would be difficult. I believe my shit is getting done properly and I plan on making a profit off the house
from the basement improvements. Yes I said profit motherfuckers..

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not a damn thing wrong with making a profit!! america, the land of opportunity is based on profiting

abe supercro said:

^ completely false information. I've had a real estate liscense and know many appraisers.
they will come in the house, they are required to especially now w tight lending.

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depends on what type of appraisal the bank orders.

all about a well done drive-by. seems high risk for the bank.

Yeah, the drive by appraisal is a thing if the past, lending is tougher restrictions now and this Guy will need to come in.

abe supercro said:

^ completely false information. I've had a real estate liscense and know many appraisers.
they will come in the house, they are required to especially now w tight lending.

Click to expand...

Hmmm. Things may have changed some since I was in the biz, but in person appraisals used to be pretty rare if you were doing a rate and term refi. New purchases and cash out refi's (if loan to value exceeded 80%) used to require a full appraisal, but not rate and terms.

Things have done a 180....bank presidents have been fired ...some banks went belly up...

Corso312 said:

Yeah, the drive by appraisal is a thing if the past, lending is tougher restrictions now and this Guy will need to come in.

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Not only come inside your home but take interior photos of , at the very least, the living room , kitchen and bathrooms. Many lenders will require photos of all rooms, basement, outbuildings, etc.

If it is a house that needs work & you are getting a construction loan, extensive photos of repairs or projected repairs & area(s) that will require repair.

FHA203K is a very good loan for rehabbing, finding a lender that knows how to successfully broker such a loan will take some due diligence.

ready4 said:

Not only come inside your home but take interior photos of , at the very least, the living room , kitchen and bathrooms. Many lenders will require photos of all rooms, basement, outbuildings, etc.

If it is a house that needs work & you are getting a construction loan, extensive photos of repairs or projected repairs & area(s) that will require repair.

FHA203K is a very good loan for rehabbing, finding a lender that knows how to successfully broker such a loan will take some due diligence.

Click to expand...

Thank you I'll keep that in mind, who knows if we'll get approved, its a fuckin crapshoot.