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Old 02-28-2006, 11:07 AM
Sam Levin Sam Levin is offline
 
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Default Appraising a home with an additional lot

I am appraising a home that is on one lot, and the owner owns an additional adjacent lot (separate lot number). I am determining now if this lot is conforming by itself - and can be used on it's own as a buildable lot. As a residential Fannie appraisal, is the adjacent lot supposed to be considered a separate entity and have a separate, vacant land appraisal (and loan)? Or should it be valued as a home on a large parcel of land (that includes both lots)? Or does it depend on whether the lot is buildable on it's own? Thanks for the help.
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Old 02-28-2006, 01:24 PM
Thomas Fiehler Thomas Fiehler is offline
 
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If it is a buildable site then you would value it as a separate lot, otherwise it is just excess land and usually worth less on a sq. ft. basis than the normal size lot.
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Old 02-28-2006, 02:25 PM
Wendy Wendy is offline
 
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Not sure of the answer, but...

If the vacant site is a separate legal entity, I would think that it has nothing to do with the improved site unless it is the access.

Even if you sold them as one, there would still be two transfers. (edit)

I would not appraise the extra lot on the same form as the house.

Last edited by Wendy : 02-28-2006 at 02:49 PM.
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Old 02-28-2006, 02:27 PM
Hank Henry Hank Henry is offline
 
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Check with the lender, not some half-wit loan officer....
See if both parcels on the title and go from there.
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Old 02-28-2006, 02:33 PM
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Mr Rex Mr Rex is online now
 
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Wendy, Florida must be different than NC. Here it would transfer on one deed, so obviosuly this may require a localized answer.
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Old 02-28-2006, 02:48 PM
Wendy Wendy is offline
 
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Michael,

No it's not different in Florida, I'm just in a fog today. They can go on one deed, but are still noted as two parcels w/ separate legals.

I think I'll go take a nap now......after I edit my post above!
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Old 02-28-2006, 06:03 PM
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David Wimpelberg David Wimpelberg is offline
 
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Quote:
Originally Posted by Sam Levin
As a residential Fannie appraisal, is the adjacent lot supposed to be considered a separate entity and have a separate, vacant land appraisal (and loan)? Or should it be valued as a home on a large parcel of land (that includes both lots)? Or does it depend on whether the lot is buildable on it's own? Thanks for the help.
Fannie doesn't do land loans.

First I'd check the ownership on the parcels; is ownership exactly the same or is there another entity one of the deeds? The I'd check with the planning (or building) department on the details regarding whether the lots are single and separate and/or buildable.
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Old 02-28-2006, 06:27 PM
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What is your assignment? Is it A)the house on a big (2 lot) site or is it B)a house and 1 lot and then C) another lot?
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Old 02-28-2006, 07:02 PM
Karl Karl is offline
 
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Does it stands on it's own can it be sold by itself? YES means NO Meaning that if it is it's own parcel, It has no value to the Home & Parcel
home is on., it has value to the home owner he can Marry" the two lots into one & Site Value MAY be less for the additional land or keep it seperate & do whatever he wants with it. he can even Blend the additional lot into Appraisal/Loan he "Locks" it up in the loan for whatever the Term of the loan is, & very difficult to get it freed up from the loan. Lender will PROBABLLY give him very little of the ACTUAL Value of the additional lot, in the loan.
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Old 02-28-2006, 08:30 PM
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josephdifranco josephdifranco is offline
 
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In Chicago, I see listings which state a home and vacant lot "sold together as a package" If you have any comps sold this way, that could be a direction for you.

I would tell the lender that the title must reflect both lots. A lender once wanted to include a separate deeded parking space with a condo, and got the title company to include it in the title.

Good luck,
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