CANative
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2 houses 1 lot PLEASE HELP
- Thread starter medinaappraisal
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wickedness1
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ROFLMAO..very funny :icon_mrgreen:
..has that become your part time job in wake of this market?
Tyler Grundvig
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It depends on the nature of the two homes. First, is it zoned to legally permit two families, that's the first thing to check. Second, you need to determine if it's a home with a cottage or two seperate homes with seperate utilites. A home with a cottage can be appraised on a 1004 but a duplex would have to be apprasied on a 1-4 unit from. Typically, the deciding factors are these...are there two mailing addresses, are the utilites meatered seperately or together. If there is one address and the utilites are metered together and it is legal to have a cottage on the lot, then I would appraise it as a home with a cottage, which is typical in my market place.
However, if the utilities are metered seperately then that typically constitutes a duplex. At least in my market place it does.
However, if the utilities are metered seperately then that typically constitutes a duplex. At least in my market place it does.
Marcia Langley
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Stop that!
Webbed Feet
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I agree with "Stop that!"
We reflect the market. Not our own bias. "Legal" use refers to the overall use of the land being SFR. An extra unpermitted buiding may, or may not, contribute to the market value. It is our job to find out what the "Market" says about that.
Webbed.
Webbed Feet
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Mr. Vogel,
Really? And how was that? That you concluded the second residential improvement had little or no contributory value? And I think you meant to say smaller house or improvement, not "smaller property" since there is only one property. Meaning one parcel.
That is understandable. Not. Lots of similar homes with an additional accessory dwelling unit, but no comps. Somehow I think you have locked yourself into only searching back up to a year for comps, and may not understand how to deal with UWing and using older comps for ratios. Your reports have a definition for "Suggested Value?" Love to see it!
Tell me, those "cases" that parceling the site makes a lot of common sense ..... do you mark those appraisal reports to indicate the land is not at its highest and best use?
Webbed.
Really? And how was that? That you concluded the second residential improvement had little or no contributory value? And I think you meant to say smaller house or improvement, not "smaller property" since there is only one property. Meaning one parcel.
That is understandable. Not. Lots of similar homes with an additional accessory dwelling unit, but no comps. Somehow I think you have locked yourself into only searching back up to a year for comps, and may not understand how to deal with UWing and using older comps for ratios. Your reports have a definition for "Suggested Value?" Love to see it!
Tell me, those "cases" that parceling the site makes a lot of common sense ..... do you mark those appraisal reports to indicate the land is not at its highest and best use?
Webbed.
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Webbed Feet
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To All,
So far this has not been a very good thread to learn from. We have quite a few posters saying "I do this," or "I do that," but they don't say how they extract from the market that this or that is the correct thing to be doing.
Then we have many posters describing things to look for in order to determine if the ADU (accessory dwelling unit) is legal or not, or a duplex or not. But none of them are warning a newbie that they should NOT be making legal determinations regarding the subject if there is cause to doubt the legal standing of some issue! That is the job, and right, of the J.A. (jurisdictional authority). Not the function of a real estate appraiser. Not unless that appraiser is a lawyer and/or code and zoning expert for that J.A's area. In the case described by our O.P. (original poster) we must remember we cannot see into the ground to see the spectic system possible issues as well as everything else. If there is good reason to doubt the legality of an issue, and we cannot obtain a determination from the J.A., then SOW discussions with the client about the use of EAs need to be made. Unless, of course, one enjoys sticking ones neck out and maybe getting it chopped off later.
Webbed.
So far this has not been a very good thread to learn from. We have quite a few posters saying "I do this," or "I do that," but they don't say how they extract from the market that this or that is the correct thing to be doing.
Then we have many posters describing things to look for in order to determine if the ADU (accessory dwelling unit) is legal or not, or a duplex or not. But none of them are warning a newbie that they should NOT be making legal determinations regarding the subject if there is cause to doubt the legal standing of some issue! That is the job, and right, of the J.A. (jurisdictional authority). Not the function of a real estate appraiser. Not unless that appraiser is a lawyer and/or code and zoning expert for that J.A's area. In the case described by our O.P. (original poster) we must remember we cannot see into the ground to see the spectic system possible issues as well as everything else. If there is good reason to doubt the legality of an issue, and we cannot obtain a determination from the J.A., then SOW discussions with the client about the use of EAs need to be made. Unless, of course, one enjoys sticking ones neck out and maybe getting it chopped off later.
Webbed.
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If you did separate appraisals when there is only one lot, which house would get the value of the land?
If legal, do it as a duplex or as a SFR with an accessory, guest or granny unit. use the largest or best house as the main residence. If you decide doing it as a duplex is the way to go, contact the client. The borrower may be trying to get a loan that is available ONLY as a SFR. If the client wants it valued as a duplex, and it is legal, make sure they agree to an additonal fee that is commensurate for the extra work.
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