Skip to content
BOL Conferences Top Gun 23
Thread Options
#1981381 - 12/05/14 08:17 PM Assisted Living home
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Ok so I am thinking I know what the answer is but I can't find any guidance here and I just need a second head to hear the question. We have a loan that is going to be a first lien on a residential group home for people with cerebral palsy. It has the appearance of a residential home with 10 bedrooms and an oversized gathering/dining area. Would the appraisal notice rules apply.

My thoughts are yes it does because it appears to be a 1-4 family dwelling. Please let me know your thoughts. Thank you.
_________________________
Go Packers

Return to Top
Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#1981619 - 12/08/14 06:04 PM Re: Assisted Living home Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
bump
_________________________
Go Packers

Return to Top
#1981743 - 12/09/14 01:00 AM Re: Assisted Living home Bec
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
There really is no guidance for this situation. I would argue that is not currently used or designed to be used as a 1-4 family dwelling, regardless of what it looks like from the exterior.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1982202 - 12/10/14 06:18 PM Re: Assisted Living home Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
I would agree with the no guidance part. Because of that my thoughts are that it really could go either way. But I like that you think it shouldn't maybe be covered as it is not being used as a family dwelling. Its not a permanent residence.
_________________________
Go Packers

Return to Top