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Acreage guidelines.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by FoxtrotTango, Oct 5, 2009.

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  1. FoxtrotTango

    FoxtrotTango New Member

    0
    Nov 24, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    I KNOW I have this somewhere in my files, but can't find it. It seems to me we can no longer appraise on fractional acreage-site of 25 acres, value to be based on five only, etc. Now we must value (and include) the entire site. Can anyone clarify this or direct me towards a release that I can provide the lender...
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    351
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  3. Howard Klahr

    Howard Klahr Senior Member

    117
    Oct 4, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Wasn't this also always a FHA requirement?
     
  4. Bearslide

    Bearslide Senior Member

    0
    Dec 9, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    I believe so - however, they are very specific regarding excess land.

    http://www.HUD.gov/offices/hsg/sfh/ref/sfh1-17c.cfm

    The only clients who ever pushed the 5 acre rule (and a few still try) were those trying to disguise a farm property as typical residential.
     
  5. Dan/Fla

    Dan/Fla Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Wasn't one time you could do 5 acres of 25 acres however someone else had to define the 5 acres for the appraiser? That an appraiser could not remain unbiased if he decided the boundaries too. Then place in report that there was a total of 25 acres, however per client’s request the remaining 20 acres not given value for the purposes of this report.
     
  6. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    48
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Always ask the question...."what 5 acres?".
     
  7. Carnivore

    Carnivore Elite Member
    Supporting Member

    24
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Lets say you get everyone to agree for a five acre out of 25(or whatever site size).

    The report will still not be AS-IS.
     
  8. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    48
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Who says it has to be "as is"?
     
  9. Workbox

    Workbox Elite Member

    3
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Exactly! I had one guy try to be smart and do an "L" shape 5 acres where only one acre was usable and the other 4 were siding the edge of his 20 acre property along a drainage creek. m2:
     
  10. Carnivore

    Carnivore Elite Member
    Supporting Member

    24
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I did not say it had to be AS-IS. I said it will not be AS-IS.
     
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