20 acres vacant land

[Farm Gal]

Hi Sunbelt - you may also want to reference this:

(If you are dealing with a loan with potential to end up on teh secondary market....)

Death of the five acre rule - see page 35!

This great debate has been aroudn for a while but as perviously stated unless this loan has NO CHANCE of winding up in Freddy/Fannie's pocket -- both of which appear to be to let at the moment -- you cannot do the loan thatta way.

1004 form is right out. And I'd be real careful to get it in writing as to what other reasoning besides they WANT it that way a lender might propose!

 

[TEL2002]

What really ticks me off about these kind of deals is.......they will loan on 5 acres and then foreclose on all 20 acres. Owners should be forwarned that this is what might happen.

 

[Mr Rex]

What really ticks me off about these kind of deals is.......they will loan on 5 acres and then foreclose on all 20 acres. Owners should be forwarned that this is what might happen.

The ulitimate loser loan.:new_smile-l:

 

[Fred]

What really ticks me off about these kind of deals is.......they will loan on 5 acres and then foreclose on all 20 acres. Owners should be forwarned that this is what might happen.

Or sue the appraiser after the fact.

Correct me if I'm wrong, but the OP didn't specify Fannie or Freddie?

Didn't specify an intended use, which might lead to someone asking how you so easily concluded a hypothetical condition is appropriate.

"A house and five acres?" Does that qualify as a legal description?

 

[The Warrior Monk]

Correct me if I'm wrong, but the OP didn't specify Fannie or Freddie? We get too bound up in our thinking, Fannie; Freddie; FHA; VA: and forget this is still the appraisal of property. We can't limit our knowledge just to a form!

It doesn't stop with GSE...for example, the "as is" value requirement for FRTs.

Nonlending assignments with such a requirement do exist, but in my experience are extremely rare. I dealt with one a about a decade ago that involving family members and determining how to divide assets. The only common one I've come across involves determination of fees for subdivision, which often involves a hypothetical parcel (the law specifically notes how the property is to be appraised, which is often other than what exists).

 

[CANative]

Provide full acreage on the first page of the report and only up to 5 acres on the sales grid.

15 acres gone at the flip of a page. Misleading.

No appraisal. Denied.

 

[Tucson Appraisals]

no no no no...don't do it. This kind of practice will get you in so much trouble!