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New home plans with pole barn

Discussion in 'Urgent - Help Needed' started by ROBERT JONES, Feb 28, 2006.

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  1. ROBERT JONES

    ROBERT JONES Junior Member

    0
    Feb 12, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    My order came with plans for a house (28 x 56) rancher and a (36 x 60) detached barn.

    It is all covered under the agreement of sale that the builder will be constructing both, total sales price $517,500.

    Can we value the barn under fannie mae lending guidelines. Would you use the marshall+swift #'s???

    Thanks,

    Bob
     
  2. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    It's not a 36x60 barn. It is a 5 car garage. :)
     
  3. Proactive

    Proactive Senior Member

    17
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Bob,

    In my market that would be pretty typical for a small acreage/suburban residential property. Fannie's concern is they do not lend on agricultural properties. As you must provide a cost source so the lender can replicate your figures, Marshall & Swift IMO would be a good choice. Also, it seems to me there was a thread not too long ago about cost sources for barns and outbuildings; you might do a search and find a better recommendation.
     
  4. Robert Dunkle

    Robert Dunkle Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oklahoma
    You can cost out the barn in M & S. Under the sales approach, you will need to see if the market will pay, and how much, for that amenity.
     
  5. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    A 36 x 63 plus a 12 foot over hang on the south side, set up to feed from the interior with lights (200 amp), water (flow back), hard surface 8 inch pack millings in our area cost 60K last summer to build. Value add to property 10K that is what the market will support.

    M/S has a good source for barn/ag buildings.
     
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