1 house 2 parcels

[ANTHONY ALLEN]

I have a assignment that was originally requested as a typical assignment, the LO states that the subject has 5.7+/- acres approx. 3,000 sq.ft. Ok, I go inspect the house and the original structure has been added onto, the quality of the original structure 1945(YB) is different from the addition.

S/P $400,000.00 ok when I return to the office I gather new information that indicates there are two separate parcels one with approx 1.78 acres and the house and the other as raw land @3.63 acres. I call the LO and explain the situation and he of course tells me to go ahead and do the appraisal as the entire 5.7 acres and the house well this complicates the situation to me because to compare apples to apples is almost impossible on top of the issue that already exist.
The owner of the house made it clear that the house had
5.7 acres so about 2 days later I ask for a survey the owner explained he had one but it was to big to fax ok I already have the plat map which makes clear they are separate.
I call the county and they even tell me the two parcels actually have two different addresses kind of like how a duplex would have 2222 lake & 2222R lake one of them has an R behind it. Well I am trying to sort through all the data and find the best possible way to go forward the LO calls and I explain to him that I am trying to gather more info at a minimum the survey he explodes and tells me I F---ed him because I just took his money and I already knew all this up front. He ask for a refund of which should be his clients money but I guess he paid out of his pocket because he keeps making reference to his money.
Well I need to know have any of you guys or gals appraised a particular situation, I know how to proceed and just explain everything but it is complicated and very time consuming.

 

[Walter Kirk]

This doesn't have to be too complicated. you can state that the site is two lots (nos 222 and 222r) and compare the site to similar sized sites.

 

[CANative]

Return what money? It's a complicated property and you've already used up the retainer fee he paid in doing the research. If he want's you to proceed you'll need some additional fees to cover the time and expense.

h34r:

 

[ANTHONY ALLEN]

Thanks, I agree with the money and no it does not have to be complicated except the LO is not going to pay any more money and since the scope of work has changed I would like another request for my records

 

[wyecoyote]

Anthony,

Just to throw a little monkey wrench in it for you. Do you have two seperate buildable parcels or was a seg done for tax purposes. From time to time we will seg large acreage into a res site and vac site. This is done for tax purposes only since a res site gets a different assessed value than a vac site. Sometimes this is done without a survey and sometimes with a hand written survey request by an owner. These types of sites can not be sold as seperate building sites. Sometimes the general public would not even know this without knowing that they are group accounts. You might want to read the tax descriptions and see if this is the case or not. Sometimes one actually has to find out from the actual assessor office.

 

[Kenneth Reynolds]

Ken Reynolds

I'm a newbie but I was of the opinion that if a house sits on one parcel next to another different parcel it would require two appraisals to determine the value of the improved parcel and another to determine the vacant land.

 

[Mike Kennedy]

tips: "Assemblage":icon_idea:

and:
STANDARDS RULE 1-2(e): An appraiser must identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, including:

(i)
its location and physical, legal, and economic attributes;
(ii)
the real property interest to be valued;
(iii)
any personal property, trade fixtures, or intangible items that are not real property but are included in the appraisal;
(iv)
any known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature; and
(v)
whether the subject property is a fractional interest, physical segment, or partial holding.

 

[Wayne Tomlinson]

Where did you get the idea that two (or more) tax parcels cannot be valued as one number? I have never seen any official ruling of such.

I have appraised farmland which is even in two townships as one value.

If you accepted the assignment without doing any checking, then I believe that you are obligated to produce what you agreed to. Some times the tuition that you pay isn't just to the educational institution.

If you are unsure of what the project is, don't quote a fee until you do know.

Wayne Tomlinson

 

[Richard Carlsen]

Don't make it hard. Read the assignment and consider the two parcels as the one site for the subject. Do your H&BU analysis but what the client wants to loan on is the house and the two parcels together. That's what they need and it is not illegal or contrary to any USPAP or Supplemental Standards to have the one site considered in an appraisal consist of 2,3 ,4 or more parcels.

The LO said that's what they want. It's not contrary to any rules/regulations. Give it to them.

 

[Mike Kennedy]

http://appraisersforum.com/urgent-help-needed/120962-confused-about-purchase-2-lots.html

IF reporting on a Fannie Form ........ "assemblage" i.e. combining 2 lots to create 1 single lot (which requires an HC) ......IS NOT permissible regardless of what the client is asking for. (assumes house on lot & adjacent/continguous lot are CONFIRMED as two separate, distinct parcels and NOT one which arbitrarily was assigned 2 tax id's ) Recommendation: confirm EXACTLY what the Subject property IS......per Municipal Building & Zoning Code (not Assessment Records)........request and review SURVEYS (or Survey as the case may be). If INDEED - two separate parcels (one improved and one vacant) then 2 appraisals "as-is".


additional discussion on point >> http://appraisersforum.com/urgent-help-needed/119776-hypothetical-have-i-lost-my.html#post1356188

and.....>>

Standards Rule 1-3

When necessary for credible assignment results in developing a market value opinion, an appraiser must:

(a)
identify and analyze the effect on use and value of existing land use regulations, reasonably probable modifications of such land use regulations, economic supply and demand, the physical adaptability of the real estate, and market area trends; and


Comment: An appraiser must avoid making an unsupported assumption or premise about market area trends, effective age, and remaining life.

(b)
develop an opinion of the highest and best use of the real estate.


Comment: An appraiser must analyze the relevant legal, physical, and economic factors to the extent necessary to support the appraisers highest and best use conclusion(s).