Will appraisal categorize Home as single or multi? Basement conv.

2 Replies | Baltimore, Maryland

hi all,

Quick question.

I have a home under contract. It’s four beds with a semi converted basement (it has a sad looking kitchen). The city zoning has the home listed as single family, but the previous owner added in a second meter for the basement it looks like.

It would be advantageous for me to have it appraised and classified as single family since it will me a lower down payment, but the lender has indicated he thinks the appraiser will say it’s multi since the basement has a kitchen.

I’m unfamiliar with the specifics on this situation. Anyone have any insight?

Originally posted by @Leo Watts :

hi all,

Quick question.

I have a home under contract. It’s four beds with a semi converted basement (it has a sad looking kitchen). The city zoning has the home listed as single family, but the previous owner added in a second meter for the basement it looks like.

It would be advantageous for me to have it appraised and classified as single family since it will me a lower down payment, but the lender has indicated he thinks the appraiser will say it’s multi since the basement has a kitchen.

I’m unfamiliar with the specifics on this situation. Anyone have any insight?

I'd place my bet on SFR w/ ADU over duplex, based on what you've said, but the price of the opinion that actually matters is going to be an appraisal fee and waiting for that to come back. My opinion, your opinion, and your lender's opinion, are all 100% irrelevant.

Gotta get an appraisal ordered through a lender to know for sure. Pay to play. 

There are 3.5% down and 5% down options either way, however.