Can I appraise this property?

[grand]

I have been asked by a local bank to appraise a vacant lot in town. The lot is zone AR (Auto-Urban Residential), which my license permits, but it consists of 5 lots (the lot lines have been removed), and the highest and best use is townhomes. As a certified residential appraiser, can I appraise this lot as vacant?

 

[Webbed Feet]

I had no idea our licensing allowed certain types of zoning. If there were no licensed appraisers how would jurisdictions ever be able to apply those zoning types without us? Such a mystery!

Other than the above, as a CERTIFIED appraiser what in the ding dong is the intended use and the requested SOW? I know these are very trivial matters and beneath our dignity to have to discuss them, but nuts, sometimes we just have to!

Webbed.

P.S. Welcome to the forum! It really helps the communication skills if you stay with it. By the way, what if the H&BU was rowhouses instead! .. .. No wait, condos it could be condos! And I hate it when they remove the lot lines. It should be required that they put them back on with that chalky stuff they use for game fields at least once a month.

 

[PropertyEconomics]

If you are looking at a small subdivision analysis I dont think your license level will permit you to do it. If you are looking at a single lot with a highest and best use for townhouse development, but you are appraising the property as a single lot I see no reason you cant appraise it as long as there are adequate sales with which to estimate market value.

I wish you the best of luck with this assignment.

 

[Ruben Ramon]

You should try your state board. If your competent, and the transaction amount is under $250,000, FIRREA would allow it. That is assuming that your competent. In Michigan, your license level could do it, but it would have to be non-complex...whatever that is.