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Appraising SFR leased ground

Discussion in 'Urgent - Help Needed' started by troyatfandm, Sep 27, 2011.

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  1. troyatfandm

    troyatfandm Sophomore Member

    0
    Jun 27, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    Not sure how to go about this, any suggestions would be helpful. I need to obtain more information, however, I do know the lot the home sits on is a 99 year lease. The home owner stated they had to purchase (lease) the lot before they started building. According to the h/o if they sell the lease starts over. This is a 80 home development. This is not typical for the area. If I find one sale I will be shocked. In 10 years never had anything quite like this. I don't think I can compare it to a regular SFR, but not a condo either. Suggestion?

    thank
     
  2. incognito

    incognito Senior Member

    0
    Jul 14, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I have done plenty of condo's on leased land, but never an SFD. It gets more complicated with the lease renewal upon sale. VERY unusual. What happens if the property is quit claimed? Does the lease renew again? Keep us updated on this, it is pretty interesting!
     
  3. troyatfandm

    troyatfandm Sophomore Member

    0
    Jun 27, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    Lender canceled as soon as I told them what it was. Thanks anyway.
     
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