Usually (Fee Work Sheet, Loan Estimate) we assume the subject property is a normal acceptable detached single family house in good condition. There are similar sold properties around can be used for appraisal supporting the value.
If your property is not a detached single family home, please let us know when you request a rate quote or apply a loan.
The normal rate residential mortgage loan, all parties of the home should be in good working condition. and similar to other home sold in the area. Homeowners or tenants should be able to live there at the time of appraisal inspection.
We have loan programs for property in bad conditions. Usually a short term hard money loan is designed for such properties. If the buyer plan to use the property for his/her primary home use, a home renovation loan may be available as well.
The property will be appraised by a third party appraiser with out lender control.
