Historic Property Zoned nonconforming R20 previously RSL/LRO Help
A few years back I restored a very important home in Cobb County known as the Cheney-Newcomer House circa 1856. After restoring it, dealing with Cobb County inspectors, I learned that the building I originally thought was zoned O/I was actually zoned Residential Senior Living. I spoke with the head of Cobb County, and was told I had a choice to zone back to R-20 or LRO (Low Rise Office). I I chose R-20 as I felt that was safest bet considering I couldn't live on the property otherwise and it would put the originally staircase in jeopardy. Forward into the future, I listed the home (I am a Real Estate Broker) and received multiple offers on the property. There is a protective covenants on the property which is wonderful as it protects the home from any dubious interests that would endanger the property. Upon inspection, the house passed with flying colors, I had a structural and Mechanical engineer's letter deeming the home safe. The appraiser comes in and ignores the fact that my home is zoned R-20 and stated highest best use the home is commercial and my comparables are not conducive to the property, which I believe this is ludicrous. I am now getting a certificate from zoning to show there is no commercial aspect to this property. I spoke to community development about this and they too have said there is nothing commercial about the property, although the comprehension plan allows it, but it would have be approved by the committee and neighborhood. The loan was quicken loans, and I feel their appraiser just dropped the ball, saw it was too difficult and moved on to the next one. The buyer received his money back for the appraisal and we are now going to try another lender. This home is beautiful, it has an estimated value of $360,000 per a residential/commercial appraiser I initially hired and is contracted at $279,000. My question concerning this matter is to find out if there is anything I can to avoid this is situation again. I have three comparables on the same street of the same historic nature (much higher value too) and other figures in the industry agree with my comparables including the cooperating agent. What can I do? I know this is long and somewhat confusing, but I want this buyer to get this home.
Randy P. Wolpin
Broker/Owner
Assist-2-Sell - Buyers & Sellers Realty