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A VERY tough appraisal assignment

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Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Two lots improved with 1fr dwellings = two appraisals at Market Value which "is what the market indicates" whether a Contract Exists with outrageous "terms" or not.
 
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xmtpedprl

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Dec 6, 2005
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Florida
Oh, I know, it was just a joke.

However, seriously, what do you suppose you'd use as comparables on the URAR grid?

Yikes!

Dave...
 

David Wimpelberg

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New York
Oh, I know, it was just a joke.

However, seriously, what do you suppose you'd use as comparables on the URAR grid?

Yikes!

Dave...

It depends what your assignment is. And, as always, remember that forms do not dictate the appraisal process.

If you're determining the market value of two properties sold as part of one transaction, you're not talking about something that Fannie is going to be lending on. So no URAR is necesssary.
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Common sense dictates that, if they are getting two houses for the price of one, then you'd have to give two appraisals for the price of three, because two plus one equals three. That's true even in Las Vegas, the fertile valley.
 

Richard Carlsen

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Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
It depends.

If the first house is full, market value price and the second house on a separate lot is thrown in as a sellers concession, one 1004 (assuming it's a financed deal) would suffice. Just don't forget to comment on the additional house as part of the PA. Based on these terms and conditions of the PA (2 for 1), these sale would never qualify as a comp. Imagine taking a -$150,000 adjustment on a $150,000 sale. I suspect sellers motivation disqualifies this as a comp.
 
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