2 lots in one appraisal? Please help.

[Dublin ohio]

A second APN does NOT mean it is a separate legal parcel, so you first need to figure out if you're dealing within one or two legal parcels. I've had properties with eight or nine APNs that are only one legal parcel.

So what would be the purpose of multiple APNs that identify one parcel?

 

[nstanbru]

A second APN does NOT mean it is a separate legal parcel, so you first need to figure out if you're dealing within one or two legal parcels. I've had properties with eight or nine APNs that are only one legal parcel.

I could be wrong, but you most likely had properties with 8 or 9 lots that comprise 1 legal parcel.

 

[Tom D]

if they are on the same deed, you just do it like 1 property. also depends on what's happening with vacant ground in the area. if nothing then easy. separate deeds, if lots are being sold with new construction then you have a more expensive piece of ground. i hate doing those city ones, not common but sometimes. when ground was worthless you could get the lot next door cheap enough.

 

[Jerry Bone Jr]

I am appraising a property that has one lot with a house and a second lot with a separate APN number. The second APN with no improvements is part of the purchase contract. I am not sure if this lot is developable, I don’t know if there are any restrictions to build, etc. How do I go about appraising this second lot? Should I consider it surplus or excess land? I would really appreciate some input. Thanks!

If the appraisal is for FannieMae...

https://singlefamily.fanniemae.com/media/22301/display

https://singlefamily.fanniemae.com/media/9071/display

Both parcels will be encumbered by a first lien, prohibiting the separation and sale of the additional parcel(s) without the lienholder’s approval.
Therefore it is surplus land which cannot be developed separately from the property.

 

[Terrel L. Shields]

I could be wrong, but you most likely had properties with 8 or 9 lots that comprise 1 legal parcel.

Extremely possible in my market. One house will show 2 or 3 lots as a single APN while another nearby house may have 1 APN for the house and a separate APN for a excess lot. Both are managed as a single economic entity and I do lump them together in that case.

 

[PushinValue]

Appraise the improved lot... add an addendum describing the vacant lot, add 3 land sales to support the vacant lot value....add to the report. Sum the two values and report in a separate letter of transmittal.

Not if it is surplus Land with a HBU as assemblage…

 

[PushinValue]

So what would be the purpose of multiple APNs that identify one parcel?

Apns are tax ids. Many reasons. An apn is only used for tax purposes.



You could be split between cities or counties, you could have a large portion of the lot as non buildable wetlands which is taxed differently. You could be on a school district line etc.

You can have multiple apns for one lot, multiple lots with one apn.

The legal description provides what we generally refer to as a “lot”. For appraisal purposes you need to determine what the legal description includes. If it includes multiple lots or APNs, this is a big waving flag for a closer look at excess vs surplus land analysis

 

[Terrel L. Shields]

Not if it is surplus Land with a HBU as assemblage…

That seems unlikely unless there is a zoning issue. One lot is vacant

The second APN with no improvements

 

[Airstream]

I just appraised a house with 5 APN’s. Sold for 1.95 million. But the way the lots were configured there was no way they could be sold separately due to access issues. They had to be sold together.

I did another house that had two lots in town. However, the one lot was unbuildable due to topography. Therefore I appraised it as one large lot.

I personally owned a house that had 2 APNs. But when I built the house I built on the lot line, and added another garage to the other site. Thus I in effect joined the 2 sites together. I later got the assessor to put it on one APN.

There are many reasons why a site can have 2 APNs. Not always clear until you look at it.

I have also done a house with a completely buildable site next to it. I inform the lender. Some will say as long as it adjoins then put both sites in. Others have said only do the site with the house on it since they don’t lend on vacant land. It will depend upon the lender. Typically if the lender wants the adjoining site, I do as Terrill stated above, and add the value of the site as vacant to the general site value.

The trick..finding a comparable if it is in town with a similar site value. If in the country, not as big of a problem.

 

[Trihard]

In my market that second lot would be about 75-90% discounted under 1 sale.