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  #1  
Old 09-27-2011, 07:58 PM
troyatfandm troyatfandm is offline
 
Join Date: Jun 2007
Location: Valparaiso
State: Indiana
Professional Status: Certified Residential Appraiser
Posts: 67
Default Appraising SFR leased ground

Not sure how to go about this, any suggestions would be helpful. I need to obtain more information, however, I do know the lot the home sits on is a 99 year lease. The home owner stated they had to purchase (lease) the lot before they started building. According to the h/o if they sell the lease starts over. This is a 80 home development. This is not typical for the area. If I find one sale I will be shocked. In 10 years never had anything quite like this. I don't think I can compare it to a regular SFR, but not a condo either. Suggestion?

thank
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  #2  
Old 09-27-2011, 10:41 PM
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incognito incognito is offline
 
Join Date: Jul 2005
Location: On the Beach
State: Florida
Professional Status: Certified General Appraiser
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I have done plenty of condo's on leased land, but never an SFD. It gets more complicated with the lease renewal upon sale. VERY unusual. What happens if the property is quit claimed? Does the lease renew again? Keep us updated on this, it is pretty interesting!
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Old 09-29-2011, 06:05 PM
troyatfandm troyatfandm is offline
 
Join Date: Jun 2007
Location: Valparaiso
State: Indiana
Professional Status: Certified Residential Appraiser
Posts: 67
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Lender canceled as soon as I told them what it was. Thanks anyway.
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