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#2247533 - 01/12/21 07:40 PM Commercial appraisal on residential property?
Komisu Offline
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Joined: Nov 2020
Posts: 3
Hey All,
Got a bit of an odd situation on my hands. Officer is looking to do a TRID loan on a property that has been zoned for commercial use. A home was built on the lot and an exemption was filed with the county to allow a resident to live on said property. We reached out to an appraiser and they say they cannot appraise the property as residential because the "highest and best use" of the property is commercial. Since we must get an appraisal on the property, can we order and use a commercial appraisal on a residential property? the purpose of the loan is solely consumer as the property does not currently serve any commercial purpose, but there is a commercial structure on the property.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2247541 - 01/12/21 08:12 PM Re: Commercial appraisal on residential property? Komisu
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,343
Galveston, TX
Appraisals are a safety and soundness issue and you need to comply with your Board Approved Appraisal and Evaluation Policy. Other than that, whatever sort of appraisal is acceptable to you is up to you.
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