Wife and I are in the process of buying a couple of acres in Aubrey. Looking to build a barndominium type house. Looking for any recommendations for a builder? Any Ags build this type of home?

Good luck with that loan

Why do you say That?

As long as there are some comps it's not a problem for qualified borrowers.

Guess I've been lucky. Haven't had any appraisal, comp sales issues in our area.

Agreed on area is crucial since they are a growing market especially houston metro

I've done several, but never new construction. It's much easier to find comps once you figure out how to search them. Still, they are usually spread out much farther than ideal.

And the vast majority of regular appraisers don't know how to find them. Since my loans are strictly AMC I cant select a quality appraiser and it's luck of the draw

The majority of barndominiums we finance are new construction on a one time close which we put on the bank's balance sheet. That allows some underwriting flexibility but there must be reasonable comps.

Can you use internal comps?

No. They have to be sales.

I just went back and reviewed the appraisal from the last barnodominium I closed. Our process begins with review of the plans, specs, etc by our construction lending manager. In this particular case the front of the building will have a stone facade to give it a more residential look. The comps used were not really barndominiums but the appraiser did reach a value conclusion.

SteveBott said:

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And the vast majority of regular appraisers don't know how to find them. Since my loans are strictly AMC I cant select a quality appraiser and it's luck of the draw

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Make clear in the order that it is a metal building and many will decline the order up front and you have a better shot at finding someone who has some experience with them.