Highest & Best Use Verbiage

Discussion in 'General Appraisal Discussion' started by LannyK, Nov 3, 2009.

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  1. LannyK

    LannyK New Member

    0
    Mar 5, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I am looking for comments that people insert in their appraisal reports regarding highest and best use of the subject property. Obviously, I will come up with my own alteration and ideas about the subject but am looking for a good place to start. I will of course include the 4 determinations of HBU being physically feasible, financially feasible, legally permissible, and maximally productive.

    Thank you in advance for your assistance.
     
  2. Randolph Kinney

    Randolph Kinney Elite Member

    14
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Note: The subject zoning code is PD-1, single family residential planned development Rancho Rel Oro as verified by the city of Oceanside. The subject as improved is a legally permissible use based on its current zoning. The lot size, shape, physical condition and land to building ratio allow the present structure and indicate a good utilization of the improvements. Based upon the current market conditions, the present use as a single family residence is its financially feasible and maximally productive use. The highest and best use is its present use.
     
  3. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    The big 4, put in their logical sequence is all you ever need. AI's course on
    H&B Use should be a requirement before any appraiser gets to go out into
    the real world.
     
  4. CANative

    CANative Elite Member

    29
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The requirement is simply to summarize the rationale for the HBU opinion and that can be done in one short sentence for most residential properties.

    Other properties may need a little more verbiage.

     
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