All Forum Posts by: Thomas Whitaker

 Yes, financing the property. It's a local bank that uses a bid system to pick up an appraiser, but none of the appraisers in their network are willing to accept it.  There's only one other local bank in the area that I'll be reaching out to today. 

Hey All,

I have a mixed-use property under contract and the lender is having difficulties finding an appraiser that will appraise this property.

The property has a small house ~800 sqft living area directly over the garage- with pretty big decks on the front and rear of the home.  It's dated but in decent condition.

There is a detached concrete block building of about 1200 sqft in pretty fair condition- the roof has some leaks, it was formerly a tire shop.

The location is in a mixed use area- one neighbor is residential the other is self storage facility.  The property is zoned as mixed use. 

Most of the appraisers just say they don't want to appraise a mixed use property or don't do properties with part commercial use because their license is just for residential. 

Property location is Alpine, Wy.

Any tips, advice or words of encouragement is appreciated.

Thanks

Tom
   

I signed a contract for a very unique property. It checks lots of boxes. It has a large shop. It is one of the largest lots in town, it backs up to a national forest with amazing views. There is not another property similar to it.

My lender says he is ready to close, we're just waiting on the appraisal to come back.

Closing date is set before nov.

Seller tried to get me out of the contract by not negotiating for any repairs.

Seller's wife unfortunately passed before the seller listed the house. Now there is a problem with an adult child and probate.

The seller didn't have the right to sell before listing.

Sellers agent said maybe this is a blessing in disguise and has offered nothing but the probate attorneys contact info.

What are my options here?

I haven't talked to lender about what I'll have to pay, but I'm sure I'm on the hook for appraisal.

Ive missed out on some other properties in the meantime being under contract with this one.

Thanks