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Can you do a creditable report on URAR 1004

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Recreational 2nd home.

Subject is a 200 acres of land, with creek and small lake, row crop production on the two hundred acres +/- (rented out), with in 1/4 mile of Wisconsin River, next to DNR land (Southern Wisconsin River Parkway), Subject home is 4 years old, built on a slab, with three garages and Laundry area on lower level, upper level has two bedroom, kitchen, dinning area, living room. heat is wood stove on upper level and one very small electric wall heater in the staircase going up. Water lines need draining when you leave each time in the winter. Road is dirt and not plowed or maintained by the county or township it is 1.5 miles back in to the subject house.

With this kind of subject can you do a creditable report on a URAR 1004. Or should it be done on as a naritive report.

Naritive I would expect to give soil conditions and type, income that the farm does product and can produce, in detail what the HBU is, All the flood information, and information about the area and every thing else that would support your opinon of value.

Or do you just fill out and form and go for it?

It is a review with new value if the need be, plus it was done on a 2055 the first go round.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Row crop production rented out. Stop right there.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
What about 200 acres with 15 or 20 cows and 3 acres of pinot noir? 40 acres leased to a neighbor for range land at $5 per acre per year.? Residential value with the house $2,150,000.

You can add as many comment addendum pages as you need. It's not te form or format. It's the content.
 
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Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
No way I would even consider this on a 1004.

FWIW (and you probably know this) if it is that close to the river, it is likely subject to the Lower Wisconsin Stater Riverway performance standards. That might have an impact on siting of a future house if any part of the property is within view of the river. That is definitely something to consider.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
What about 200 acres with 15 or 20 cows and 3 acres of pinot noir? 40 acres leased to a neighbor for range land at $5 per acre per year.? Residential value with the house $2,150,000.

You can add as many comment addendum pages as you need. It's not te form or format. It's the content.

While I don't disagree with your overall concept, the 1004 is designed for sending a loan to a residential lender, so I disagree in this case. The HBU for Ray's property is not likely to be keeping it as one 200 acre tract with a house.

That may not be the case for the property you describe, but I'm pretty sure that a 1004 form for Ray's property will not likely work well.

Can it be done? I suppose. Would I? No.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
No way I would even consider this on a 1004.

FWIW (and you probably know this) if it is that close to the river, it is likely subject to the Lower Wisconsin Stater Riverway performance standards. That might have an impact on siting of a future house if any part of the property is within view of the river. That is definitely something to consider.


Mr. Stone that is why I noted the Parkway/Riverway. I have a piece of property that we can not do anything with as far as building. In time it will be bought by the DNR or the Riverway.

To have done this on a 2055 I would think that the appraiser was wrong. It is missing a lot of data I think should have been it. I have seen several appraisal done from Sauk Praire to the Mississippi that are along the river and they fail to find the information about the Riverway.

Myself I think a nartive review is call for and if a new value, which I am sure it will be would be an additional nartive appraisal. I just don't see how you can do this complex of an appraisal on a Fannie Form and cover all your bases. But that is just my opinion.

I was wanting to see what my fellow appraisers think about this.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Mr. Stone that is why I noted the Parkway/Riverway. I have a piece of property that we can not do anything with as far as building. In time it will be bought by the DNR or the Riverway.

To have done this on a 2055 I would think that the appraiser was wrong. It is missing a lot of data I think should have been it. I have seen several appraisal done from Sauk Praire to the Mississippi that are along the river and they fail to find the information about the Riverway.

Myself I think a nartive review is call for and if a new value, which I am sure it will be would be an additional nartive appraisal. I just don't see how you can do this complex of an appraisal on a Fannie Form and cover all your bases. But that is just my opinion.

I was wanting to see what my fellow appraisers think about this.

I figured you knew about the standards, based on your market area.

I agree with you. I don't see how one could doit on a fannie form either. That may not be the case around other parts of the country where there are different land uses and values, but around here it makes no sense. I think to put it on a single family lending form would be misleading.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Short Answer. I can do a credible on a cocktail napkin.

Long Answer. Depends on what the SOW is, and who your
reviewer is. I routinely do complicated acreage divorce
appraisals on the old 1004. The one that comes to mind
had inverter power from batteries, charged by a water
wheel, and had access to the home via a walking suspension bridge.

Longer Answer. If the report can anyway be contested and it
has a wacky SOW, and it could be contested, and a complaint
would result. Then its probably better to do a narrative. Know
your client, determine your risk.
 

Jason Barber

Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Can you do a creditable report on URAR 1004

Ray, the answer most definately depends on your SOW and the needs of your client.

P.S. - I believe the word you meant to use is "credible". Context and spelling also tend to produce credible report. :rof:
 
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