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  #1  
Old 10-05-2009, 10:24 AM
FoxtrotTango FoxtrotTango is offline
 
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Default Acreage guidelines.

I KNOW I have this somewhere in my files, but can't find it. It seems to me we can no longer appraise on fractional acreage-site of 25 acres, value to be based on five only, etc. Now we must value (and include) the entire site. Can anyone clarify this or direct me towards a release that I can provide the lender...
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Old 10-05-2009, 11:27 AM
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Old 10-05-2009, 09:21 PM
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Wasn't this also always a FHA requirement?
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Old 10-06-2009, 03:02 AM
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I believe so - however, they are very specific regarding excess land.

http://www.hud.gov/offices/hsg/sfh/ref/sfh1-17c.cfm

The only clients who ever pushed the 5 acre rule (and a few still try) were those trying to disguise a farm property as typical residential.
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Old 10-06-2009, 07:48 AM
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Wasn't one time you could do 5 acres of 25 acres however someone else had to define the 5 acres for the appraiser? That an appraiser could not remain unbiased if he decided the boundaries too. Then place in report that there was a total of 25 acres, however per client’s request the remaining 20 acres not given value for the purposes of this report.
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Old 10-06-2009, 08:28 AM
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Always ask the question...."what 5 acres?".
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Old 10-06-2009, 08:41 AM
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Lets say you get everyone to agree for a five acre out of 25(or whatever site size).

The report will still not be AS-IS.
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Old 10-06-2009, 09:05 AM
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Who says it has to be "as is"?
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Old 10-06-2009, 09:21 AM
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Quote:
Originally Posted by Mike Garrett, RAA View Post
Always ask the question...."what 5 acres?".
Exactly! I had one guy try to be smart and do an "L" shape 5 acres where only one acre was usable and the other 4 were siding the edge of his 20 acre property along a drainage creek.
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Old 10-06-2009, 09:23 AM
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Quote:
Originally Posted by Mike Garrett, RAA View Post
Who says it has to be "as is"?
I did not say it had to be AS-IS. I said it will not be AS-IS.
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