Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 02-28-2006, 03:06 PM
loveappraising loveappraising is offline
 
Join Date: May 2003
State: Virginia
Professional Status: Licensed Appraiser
Posts: 7
Default Highest and Best Use?

Senerio:
50 year old house sits on a 1.43 acres lot. It is currently zoned for R3 (3 residential for 1 acre lot). Lot is worth 2x as much as the dwelling based on the tax assessment amount.
The lot itself could be worth alot more if subdivided and especially if a dwelling were to occupy the empty lot.
In knowing this, would it be approriate to check that the highest and best is currently NOT it's best use?
If so, what would be the best way to approach this and what would I need to complete the next step?
Or forgive me, but do I mark YES as it is the highest and best use to avoid any further complications or in other words, would I be "opening a whole new can of worms".

PLEASE ADVISE!!!
Sponsored Links

  #2  
Old 02-28-2006, 03:20 PM
Jerry Bone Jr's Avatar
Jerry Bone Jr Jerry Bone Jr is offline
 
Join Date: Feb 2004
Location: Salem, Oregon
State: Oregon
Professional Status: Licensed Appraiser
Posts: 1,604
Default

Subdivision analysis is beyond my knowledge & expertise. Yours too, perhaps?
  #3  
Old 02-28-2006, 03:47 PM
loveappraising loveappraising is offline
 
Join Date: May 2003
State: Virginia
Professional Status: Licensed Appraiser
Posts: 7
Default

Yes indeed!!
  #4  
Old 02-28-2006, 04:43 PM
Fred Fred is offline
 
Join Date: Jan 2002
State: Virgin Islands
Professional Status: Retired Appraiser
Posts: 11,390
Default

Quote:
Lot is worth 2x as much as the dwelling based on the tax assessment amount.
You canít answer the question on what the assessor says itís worth, but what you say itís worth.
Itís not whether the land as though vacant is worth more than the ďbuildingĒ (which doesnít really have a value), but whether the land is worth more than the site as improved.
  #5  
Old 02-28-2006, 10:34 PM
Kenneth J Jones Kenneth J Jones is offline
 
Join Date: Feb 2006
Location: New Jersey & Arizona

Professional Status: Certified General Appraiser
Posts: 35
Default

Are you a "box checker" or an appraiser?

If you're an appraisr, you MUST undertake a highest and best use analysis and apply the 4 tests to form an opinion of the H&BU of this property.

What ever the outcome is the outcome.

An appraiser does not undertake an assignment to "PLEASE" the client. An appraiser provides an INDEPENDENT EXPERT OPINION.

If an appraiser either can't or won't do this for fear of retribution by the client, that person should do something else for a living.

Prove the H&BU with FACTS and a REASONABLE assessment of those FACTS. That's what an appraiser is SUPPOSED to do.

Regards,
Ken Jones
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 03:14 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93