2 tax parcels on one deed.

[Debra]

Thanks for the replies! I've read them over and over and am confused.

This is 2 seperate lots (tax parcels) on one deed/one address/one owner. One lot has the house on it...the other is vacant. I will check into the zoning and etc. tomorrow. However, at this point, knowing the area and looking at the tax map, I'm pretty sure the H&B use of this will be the one lot with the house and the other lot seperate. By the way, this is not FHA.

There are too many different senerios here...think I'll see what the lender tells the AMC to tell me they want tomorrow and then come back here again for your help with more details.

I want to do this right or if there is not a way to do what they want correctly, I will give the assignment back and let them reassign it. Thanks again for your time and replies today!!

 

[John Hassler]

Debra

From the limited info you provided there are many ways this could play out.

First off, tax parcels are for taxing purposes and all they tell you in this instance is that you need to do more research. A single lot can have more than one tax number for a variety of reasons, none of which have to do with the use of the property. Contact the appropriate government authority (formerly the Planning Department and now Community Development here).

Secondly, even if they are two buildable lots are the the current improvements sited in such a way as to make selling them separately impractical, unlikely, or not cost effective? Probably not an issue given your 1 acre parcels.

Third, and you've already done this, if the parcels can be legally sold separately you need to find out if your assignment is to include one or both parcels even if the vacant parcel is not buildable. If the borrower has their wits about them and enough equity in one parcel it would be foolish to encumber both.

 

[Debra]

Here is the email that I just received:

"Hi,

I have received confirmation from the lender:
Please complete on parcel with house.
Thank you and have a great day!"

So, is this doable?

If so, how?

Do I call it partial interest under property rights appraised on the 1004 page 1 (other) and explain in the appraisal that the report is for parcel #zzz even though the deed also includes parcel zzz which is an adjoining vacant lot? or what?

Thanks for your answers!!!

 

[Webbed Feet]

I have an order for "zzz anywhere street." There are 2 tax parcels under this address and on the same deed under the same name. One parcel is an adjoining vacant lot (1acre) and the other lot (1 acre) is the one with the house on it. The AMC is in process of finding out from the lender how they want this order done. What is the correct way?

I can appraise the 2 parcels as one (which will total 2 acres with the house) and just comment that the 2 parcels were purchased as one property on the same deed and were treated as one property on the appraisal report-correct?

I have not been to the property yet but I am guessing that the vacant lot could be sold seperately if they were not deed together.

If you are guessing, why in the ding dong are you asking the AMC to find out how the client wants it appraised? At what point in time did appraisers start ignoring researching the legal permissible uses before they opt to ignore the the market and such critical information prior to advising a client regarding a SOW? Asking what the intended use is would be part of problem identification. You can't identify the problem here because you've failed to first research your subject property.

 

[Webbed Feet]

Thanks for the replies! I've read them over and over and am confused.

This is 2 seperate lots (tax parcels) on one deed/one address/one owner. One lot has the house on it...the other is vacant. I will check into the zoning and etc. tomorrow. <......snip.....>

Ahhh for Petes Sake! Sister Debra, it's no wonder you are confused.... An appraiser does this first. An appraiser on top of things would do this before approaching the forum in confusion!

 

[Webbed Feet]

Here is the email that I just received:

"Hi,

I have received confirmation from the lender:
Please complete on parcel with house.
Thank you and have a great day!"

So, is this doable?

If so, how?

Do I call it partial interest under property rights appraised on the 1004 page 1 (other) and explain in the appraisal that the report is for parcel #zzz even though the deed also includes parcel zzz which is an adjoining vacant lot? or what?

Thanks for your answers!!!

You contact the jurisdictional authority (JA), something you should have done immediately in the first place, and find out how many legal lots of record there are, one or two. The second lot may have been placed on one deed for no real logical reason at all other than the owner wanting a single tax bill or the prior purchase of both lots by the current owner having people involved thinking it is "supposed" to be done like that.

If the lots were placed on one deed over a whim, they typically can be deeded back to separate deeds at whim barring current out standing mortgages encumbering both causing a mortgage issue. But we don't look at that. We look at this thing called "Market Value" and find out what the market says about the lots and what the jurisdictional authority says is legal or not. When the "client" doesn't have staff that bothers doing any of that or thinking about it, it becomes incumbant on the appraiser to do so and then properly advise them as part of developing a SOW. Versus sitting back and having to be told what the client wants and then scratching your head regarding if you can do it or not.

How can you develop a SOW or even quote a fee, or turn time, when you don't even know what you have? You can't, and you didn't even bother to check. Go find out. Then when you know ask us what to do. Don't make us guess, just like you are, about every possible thing under the sun when you have not so much as done what you should have done before asking us anything at all on this one. Unless, of course, you don't know how to research a subject property with a JA regarding land and extra lots. And if that was the case, you should have asked us how to do that.

 

[Debra]

Here is the email that I just received:

"Hi,

I have received confirmation from the lender:
Please complete on parcel with house.
Thank you and have a great day!"

When I took this order late yesterday and got on the forum, the building dept. was already closed. However, I just talked with the building dept. This is outside the city limits on a cove and the additional lot could be sold seperately and have a house built on it...like I thought knowing the area and looking at the tax map and etc. late yesterday. The only thing is if a house were built on the vacant lot/parcel, they would have to get a seperate 911 # assigned.

So, can I proceed with this order?

If so, how do I handle it??

Thanks....

 

[Webbed Feet]

Here is the email that I just received:

"Hi,

I have received confirmation from the lender:
Please complete on parcel with house.
Thank you and have a great day!"

When I took this order late yesterday and got on the forum, the building dept. was already closed.

Really? Who da thunk?

However, I just talked with the building dept.

......:new_multi:

This is outside the city limits on a cove and the additional lot could be sold seperately and have a house built on it...like I thought knowing the area and looking at the tax map and etc. late yesterday. The only thing is if a house were built on the vacant lot/parcel, they would have to get a seperate 911 # assigned.

Horrors!

So, can I proceed with this order?

If so, how do I handle it??

Thanks....

If the two lots were five miles away from each other, but happened to have been recorded on the same deed to transfer them upon the last sale, how would you proceed, and if you did, how would you do so? Is happening to be recorded on the same deed an appraisal matter at this point, or a lending matter? Oh, and you DID take notes and wrote down the name of the person you spoke with at the building department, right? I only ask as now that you've begun to experience what is called due diligence... I'd hate to hear you fell short of what you should be doing in for your work file.

 

[Debra]

Yes, I took notes and a name.
So, I comped this and started in the computer. Then, the h o called me back and told me that he didn't want an appraisal and that he had told the lender he didn't want a 2nd mortgage...hate it when that happens!!!!!!!

 

[The Warrior Monk]

The long and short of it is that you have to know what actually exists before appraising the property. This requires being familiar with the factors that affect the utility of the property, be it zoning or other legal issues. In my own case, I don't accept such assignments no quote fees until these issues are sorted out.