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5 Acre Appraisal

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sueinprescott

Sophomore Member
Joined
Feb 10, 2003
Professional Status
Licensed Appraiser
State
Arizona
I know we've covered a lot of this, however I didn't find my question. This particular lo wants a 5 acre appraisal (subject is 20) He wants me to put in my addendum, that 5 acres is all that is considered and the rest is not valued/excess. Oh...p.s. zoning is min. 15 acres. Nothing is parceled off or re-zone nor will it be. He just can't do the loan unless I only value 5 acres. He said it's just in the "wording" of my addendum <_<
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Sue,

He's trying to stuff a square peg in a round hole, using you and your report as the hammer ..

Remember, you may not appraise/value an illegal use ..
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I would check with the Powers That Be as to what would be the effect of a 5 acre lot with 15 acre minimum zoning. If the only use would be to sell it to an adjoining property owner (you couldn't do anything with the 5 acres), you need to find that out. Then you can go back to Bob the Lender and tell them that and the fact that such an effect would be to slice the value significantly as well as be illegal. When you start talking value, they start paying attention.

Roger
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Neat article. But like Bill said, I do not want to be the hammer. If it's illegal with the zoning, no can/will do.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Good article. It definitely depends on if it is misleading. Non-compliance with zoning certainly would make it so.
 

sueinprescott

Sophomore Member
Joined
Feb 10, 2003
Professional Status
Licensed Appraiser
State
Arizona
Lee~ the last time you posted that article I printed it, so I had read it before this order which was great. I completed the appraisal last night using the best comps available, finding that parcels 10 ac - 35 ac with similar sized homes, didn't have any acreage adjustments, however less under 10 acres, did (especially since my subject is only 1200 sq.ft.) I've got a call into the Branch Manager (who hasn't returned my call yet :confused: ) to discuss the fact that if I do it (and I won't) as a 5 acre, it doesn't meet zoning and it will appraise for less than sp. I'll let you all know how it tumbles, my guess, Bob the Lender will fire me again. :(
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Is the lender Countrywide? If their LO's and underwriters knew how to do their job it wouldn't even be a problem. I've had them try to get me to shave 2/10ths of an acre off a 5 acre site so the peg would fit in their stupid site size hole.
 

sueinprescott

Sophomore Member
Joined
Feb 10, 2003
Professional Status
Licensed Appraiser
State
Arizona
Ted: :shocked: Great guess. You should be an appraiser. :lol:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
"I have appraised the property at it's highest and best use which is a single family residental unit on 15 acres. This is the smallest parcel that is legally permissable under the present zoning." I estimate the land value to be $XXXXX per acre. If you wish to adjust the value as if the property is on five (5) acres, you may do so; however, cannot and be in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).

Thats how I would handle it.
 
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