2 homes, 2 addresses, for tax 5 tracts in one plat, one appraisal

[Terrel L. Shields]

If an in house bank loan, I would not even use the FNMA forms.

@sputnam has it right. The property appraised is several lots with 2 dwellings, and an ADU, correct? Or, is it a SFR with ADU but a separate address for the ADU? Either way, use the most similar comps you can find and value it. The 5 lots? They are one economic unit.

I have a sale which has 4 lots, but the dwelling is only on one lot. But it is still only one economic unit and is being sold that way. Nice big back yard that could be divided but isn't.

 

[Zoe]

A property is not defined by how many parcels it is or by how many tax records there are. The property to be appraised is defined by the bundle of rights that is being valued. The parcel count, tax records, addressess, improvements, etc are part of how the property being appraiser is identified and described. People can own many rights which can be separated into various bundles. Any particular bundle may include one, some, or all of the rights and any or all can be appraised. As already stated, one report or two is up to your Client.

yeah, and MV definition requires H&B use analysis. It is not maybe on the value definition. MV definition requires H&B use on both "as is" and "as if improved" to H&B use.

 

[Zoe]

If an in house bank loan, I would not even use the FNMA forms.

@sputnam has it right. The property appraised is several lots with 2 dwellings, and an ADU, correct? Or, is it a SFR with ADU but a separate address for the ADU? Either way, use the most similar comps you can find and value it. The 5 lots? They are one economic unit.

I have a sale which has 4 lots, but the dwelling is only on one lot. But it is still only one economic unit and is being sold that way. Nice big back yard that could be divided but isn't.

Yeah, and you can explain how it is not H&B use per MV defintion and do a HC that they need to be sold together. Lender wants them to be sold together. That is when the lender would have a problem explaining to me why? Just because you have a mortgage securing them all? Do you understand what you are asking on a Market Value definiton of value?

 

[Zoe]

If I had a loan on say a few properties that were not adjoining properties and lender did a mortgage loan for me on all three properties?

Say they were miles and miles different in location. That is not my problem. That is the lender's problem. Don't try to make your problem my problem.

Understand? Do you still want one appraisal for Market value for these properties being sold together as one unit?