New Manufactured, plans and specs, going on a parcel of land that has not been split yet legally?

[KYLECODY]

So this one is messy in my eyes and trying to decipher it. Contract between two random parties to purchase a portion of someones 6 acre lot to lay down a new manufactured home, Clayton I belive. The sales contract I have says it is just that, to purchase a "portion" of the lot and then throws in some sort of proposed legal description with the address TBD. Without a survey that states how big and where in the 6 acres this will be, it means nada to me. Also when it is legally split, if allowed, it will have a new parcel #, new taxes, etc. I cant just do this report using the APN of the current6 acre lot and explain away what they are trying to do in an addendum as Im unsure if County will allow them to split it up in the first place. I think they jumped the gun on this and would need the actual newly split APN# being valid to be able to lend on a new 200k manfd home...Its an easy assignment once the land issue is squared away but currently is a clusterfark based on the proposed land split/sale. Any ideas? Don't say run..unless you really mean run..

 

[Carnivore]

The answer to your Valuation Problem can be found in the Current USPAP. Plus, Communication with the Client is important. Especially within your report. Your Client may put this on a delay until they can get what you need or direct you to parties involved. Either way you can do this report.

If your assignment came thru a Surrogate, aka AMC well, you won't be getting this done in a normal time period. I feel for you. I kinda of have the same problem because my assignment is for a Hard money Lender and they are reasonable and flexible, but the AMC is clueless or should I just say they will not like my solution because it is outside the small box they operate in.

 

[alebrewer]

From the Fannie Selling Guide, Section B4-1.3-04:

"Site Analysis
The appraisal must include the actual size of the site and not a hypothetical portion of the site for the subject property. For example, the appraiser may not appraise only 5 acres of an unsubdivided 40–acre parcel. The appraised value must reflect the entire 40–acre parcel."

 

[Carnivore]

From the Fannie Selling Guide, Section B4-1.3-04:

"Site Analysis
The appraisal must include the actual size of the site and not a hypothetical portion of the site for the subject property. For example, the appraiser may not appraise only 5 acres of an unsubdivided 40–acre parcel. The appraised value must reflect the entire 40–acre parcel."

Good Point. The Question is who is providing the Loan?

 

[Rlong]

Once they have an actual but proposed legal, with some justification it is likely to be approved (my two county jurisdictions have and require a conceptual review that is a brief "no your nuts" or "probably and here's your list" of to do's) then you could proceed with an "upon completion" (of dividing lot and construction). TBD PIN, Address. But without that I stop dead cold..

 

[glenn walker]

I am lazy and so I run on this one and let somebody else have all the fun : )