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Dan Johnson

Thread Starter
Freshman Member
Joined
Sep 27, 2004
Professional Status
Certified General Appraiser
State
Michigan
Have a lender that wants me to appraise 10 acres out of 28. Can I do that on the Fannie 1004. Seems like I read somewhere that we can't anymore without a survey or legal. Is that a Fannie/Freddie issue or USPAP.

Thanks
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Fannie/Freddie do not take hypothetical conditions like that.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
It took me 4 days to hitch-hike from Saginaw. During that time I learned that appraising portions of properties for lenders was not cool because it is misleading and Fannie and Freddie frown on it.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina

Riick

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Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
If the parcel is mostly square, I like to pick a few acres in each corner. :shrug:
:rof: :rof:
As for me, I like to use the perimeter, where the house isn't.
 

Michigan CG

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Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
You may appraise 10 of 28 acres all day, all week, all year....for certain clients and the report must be fully detailed using hypothetical conditions and extraordinary assumptions and I would suggest a narrative report. By the way you must disclose this fully in your report, you cannot ignore the larger parcel. But you can't do it for Fannie.

If the parcel is mostly square, I like to pick a few acres in each corner.

Exactly....
 
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