can you appraise part of a parcel

[CANative]

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[The Warrior Monk]

Yes David, It does make sense. For example, the borrower may desire a release on the "part" not being appraised. I see it a lot in my area and market.

Wording is important...I've never heard of the situation you describe as being referred to as a "refi." Most lenders call it a "partial release," or something similar.

Also, in all the situations I've come across it is not a portion of a property that is being released, but rather an already single-and-separate parcel that is being released. I guess it is possible that the portion of a parcel could be appraised that is not single and separate, but it seems like lenders prefer to have the subdivision near completion before acting.

 

[CANative]

I've done releases of a portion of a parcel where there is a boundary line adjustment making the subject's lot smaller and the adjacent lot larger. In fact this has always been the case in the partial release assignments I've done. The appraisal is based on an HC and subject to completion of the BLA. In these cases no new lot is created.

 

[Ken B]

People are getting off track.

The simple answer to the OP's question is "Yes."

 

[CANative]

People are getting off track.

The simple answer to the OP's question is "Yes."

Incorrerct. The simple answer is "it depends."

 

[Ken B]

"It depends" could be the simple answer if the question had been "may" instead of "can."

 

[Meandering]

The market value of the fee simple interest in a 40-acre parcel described as the subject property in an appraisal is the value of the entire 40 acres. If you're only appraising a 5-acre portion of it then that partial interest is your subject property and should be identified as such all through your appraisal report. Taking into consideration the marketability of that partial interest, of course.

What's the marketability of a partial interest consisting of the house-n-5 portion of a 40 acre parcel if/when that partial interest cannot be legally or feasibly subdivided, and how does that affect the market value of that partial interest? Assuming otherwise similar physical attributes, is a condo or leasehold or life estate property interest in a property as marketable and as valuable as a fee simple interest? Sometimes the answer may be "yes", but usually it's "no".

Excellent points to which I want to add, there could be value based on rents. Flea market and billboard examples are good indicators of this, but understand that these are partial interests in a portion of something larger. Also, those time share deals where they issue you a 1/52 interest in a unit, are similar. Make sure you have the correct value definition.

 

[CANative]

I was going to post that it depends on what is meant by can but I'm trying to keep my post count down.

 

[Ken B]

We all appreciate your efforts and wish you great success.

 

[Meandering]

I'm trying to keep my post count down.

Are alarm bells ringing when you post over 24,000 times?