Definition of Vacant

[Webbed Feet]

What about the areas under those overpasses??
"The law in its infinite majesty, forbids the Rich as well as the Poor
to sleep under bridges, to beg in the streets, and to steal bread" -Anatole France.

Riick,


Whenever no home movers have their semi rigs on the overpass I meant under.....

Webbed.

 

[Tim The Enchanter]

What if it's bank owned, boarded up, and nobody is there at inspection time. (I won't count Senor Borracho sleeping in the breezeway). But clearly there are squatters, or homeless folks sleeping there at night.

Years ago, but I think I called it vacant, and noted the squatters were there. Don't recall if it was subject to their eviction.

 

[Joyce Potts]

Vacant could simply mean the lights are on, but nobody's home?

 

[Tim The Enchanter]

Or, all the stuff is there, but the owner passed on.

 

[Blueprint]

That's selective dictionary definitions and going with the "law" definition to boot.

Of course it was selective. I thought I was the law when it came to appraising. :new_smile-l:

 

[KD247]

Ok, I'll bite.

There are unlimited exceptions to any dogmatic rule that attempts to define "vacant." So, I think a more pragmatic approach is in order. I'd suggest checking the box that is most representative of the "common sense" answer to the question, "What type of property is being appraised, a vacant property or an occupied property?"

Then, if anything is out of the ordinary, it should be thoroughly reported and explained. Using this model, a home that is temporarily vacant while the floors are being refinished would be considered "occupied" for the purposes of the appraisal. A fully furnished home from which the occupant left several years ago would be considered "vacant" for the purposes of the appraisal.

 

[c w d]

Late as usual but, here's my advice.

If the guy is sleeping there every once in a while I would consider the place vacant as it has no furniture other than a mattress. As long as there are no other signs the place is being lived in.

For instance, I did an appraisal on a home built in 2006. It was a speculative investor who purchased it at the peak of the boom and was trying to refi it. While there was no furniture in the home there were 2 - 3 mattresses with sheets and blankets per bedroom. It was a 4 bedroom home. So there had to be 10 people at the least sleeping in that house. In the bathrooms there were towels, toothbrushes and other toiletries. The bathrooms were humid. I suspected the guy was housing illegal aliens to slow the damage to his finances since he couldn't resell the house. I took pictures of the mattresses and toiletries. I marked it as a tenant occupied property. Needless to say the MB and the home owner vehemently denied the home was occupied and were very upset that I would "misrepresent" the status of the home. There are just some signs you can't ignore.

As long as it was not a situation like I explained then probably it's vacant.

 

[Marcia Langley]

V,

In the situation you describe I would have called it vacant as of the effective date. The HO may have lived there last week or be planning on living there next week but that is not the question being asked.

Your comments could include what the HO told you. The goal is to give the client clear information and in this case "vacant" is more clear than"occupied by owner."

By notifying the client of the vacant condition and of the HO's claims the client has the info they need to investigate further if they wish

=========

I think the check boxes are OK as they are unless they were willing to add one for "undeterminable."

A better form revision would be to put the question immediately above a comment section. You'd think they would have done so since occupancy status is always cited as one of the most frequent fraud items.

 

[c w d]

I think the check boxes are OK as they are unless they were willing to add one for "undeterminable."

Come on Marcia, you know what the MB's will "require" and the skippies will do.....indeterminable for every assignment in which tenant or second home would kill the deal or cost them an extra $100 for the appraisal.

 

[Marcia Langley]

Come on Marcia, you know what the MB's will "require" and the skippies will do.....indeterminable for every assignment in which tenant or second home would kill the deal or cost them an extra $100 for the appraisal.

Exactly so. I'm sure that's why it was never there in the first place.