1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Acreage guidelines.

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

Thread Status:
Not open for further replies.
  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

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

    Howard Klahr Senior Member

    14
    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

    1
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Always ask the question...."what 5 acres?".
     
  7. Carnivore

    Carnivore Elite Member

    0
    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

    1
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Who says it has to be "as is"?
     
  9. Workbox

    Workbox Elite Member

    1
    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

    0
    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.
     
Thread Status:
Not open for further replies.

Share This Page