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can you appraise part of a parcel
- Thread starter STOWNSEND
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hastalavista
Elite Member
- Joined
- May 16, 2005
- Professional Status
- Certified General Appraiser
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- California
No.
What is the intended use and who are the intended users of the appraisal assignment?
hastalavista
Elite Member
- Joined
- May 16, 2005
- Professional Status
- Certified General Appraiser
- State
- California
Your situation could be more complex than the simple answer I'll give, but here's my answer:
Yes, you can appraise the single parcel. It has its own legal identity (presumably) and can be encumbered/traded/sold/given away (presumably). The tax ID number is something assessors use to track assessments for tax purposes; not used (although there is usually a correlation) for identifying legal parcels.
Since this is for a mortgage loan, I'd probably alert my client to the APN situation and request a copy of the preliminary title report.
I do vacant land but rarely have to deal with odd-ball issues; a lot of other appraisers on this forum regularly deal with odd-ball vacant land issues. So, wait for a few more responses to get the general consensus.
Good luck!
Yes, you can appraise the single parcel. It has its own legal identity (presumably) and can be encumbered/traded/sold/given away (presumably). The tax ID number is something assessors use to track assessments for tax purposes; not used (although there is usually a correlation) for identifying legal parcels.
Since this is for a mortgage loan, I'd probably alert my client to the APN situation and request a copy of the preliminary title report.
I do vacant land but rarely have to deal with odd-ball issues; a lot of other appraisers on this forum regularly deal with odd-ball vacant land issues. So, wait for a few more responses to get the general consensus.
Good luck!
STOWNSEND
Freshman Member
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- May 7, 2007
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- Certified Residential Appraiser
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- Florida
THANK YOU...
- Joined
- Mar 30, 2005
- Professional Status
- Certified General Appraiser
- State
- New York
This doesn't make sense to me.
A "refi" means refinancing an existing mortgage, but yet the appraiser is being asked to appraise a portion of an existing property. Is the mortgage really on part of an existing property?
Ken B
Elite Member
- Joined
- Feb 18, 2004
- Professional Status
- Certified General Appraiser
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- Florida
A simple question should be answered simply.
That said...
A deed is not necessary to value a portion of a larger parcel. However, the deed should provide a legal description of the property to be valued. Having that legal description, you can value the property even as part of a larger parcel.
The question of the client's ability to lend on part of a larger parcel can only be answered by the client. Obtaining the client's verification of their understanding of the nature of the property could be considered prudent.
The principles and procedures used in valuing a portion of a larger parcel are no different than valuing the larger parcel in its entirety.
That said...
A deed is not necessary to value a portion of a larger parcel. However, the deed should provide a legal description of the property to be valued. Having that legal description, you can value the property even as part of a larger parcel.
The question of the client's ability to lend on part of a larger parcel can only be answered by the client. Obtaining the client's verification of their understanding of the nature of the property could be considered prudent.
The principles and procedures used in valuing a portion of a larger parcel are no different than valuing the larger parcel in its entirety.
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