Elevation Affecting Appraisal

[JAM]

You stated you do not have the data to solve the appraisal problem, so...sounds like you cant solve it. What you can do is incorporate an assumption, which would be the subject property is not affected by this potential condition. If you know in fact your subject has this condition, you would use a hypothetical condition. Not all clients will accept this course of action, so I would suggest to have a conversation with your client first.

I know, hard to believe the elevation level for flooding was permitted after the fact...I definitely will let the client know that there will be issues doing it "As-Is" before accepting the assignment.

 

[Mark K]

17.2" vs. 17.8"? 6/10 of an inch? Seriously?

I'm having trouble coming to grips with an elevation/flood survey that is concerned about a difference that slight.

Does this make the dwelling technically uninhabitable or what exactly are the ramifications from this issue? What are the options for the owners and/or builder? Raise the house 6/10"? Can they get a waiver? Does this result in the need for flood insurance?

I think there is a large number of unanswered questions and without answers, I wouldn't commit to doing any any appraisals in the subdivision. You can't make any credible adjustments or offer any supportable opinions until you know what remedies or options are available.

The realtor would love to quote you for her own reasons; don't fall for it. Simply tell her that you don't have enough info. Personally I'd avoid this issue and subdivision until they get it sorted out.

Good luck!

 

[Dale Smalley]

Is the only data available a cost to cure? I would only do the appraisal with an agreement on the EA and HC with someone else providing the data for the cost to cure. IE the builder or engineer.

 

[JAM]

17.2" vs. 17.8"? 6/10 of an inch? Seriously?

I'm having trouble coming to grips with an elevation/flood survey that is concerned about a difference that slight.

Does this make the dwelling technically uninhabitable or what exactly are the ramifications from this issue? What are the options for the owners and/or builder? Raise the house 6/10"? Can they get a waiver? Does this result in the need for flood insurance?

I think there is a large number of unanswered questions and without answers, I wouldn't commit to doing any any appraisals in the subdivision. You can't make any credible adjustments or offer any supportable opinions until you know what remedies or options are available.

The realtor would love to quote you for her own reasons; don't fall for it. Simply tell her that you don't have enough info. Personally I'd avoid this issue and subdivision until they get it sorted out.

Good luck!

Thank you Mark K. I appreciate the insight and it's true. I will respond to her email with letting her know I don't have enough information.

 

[jay trotta]

JAM;
Don't know your area that well, but, expanding on my earlier comments, Flood Elevations are required by the municipality, along with CAM and other water complexities; Until you have greater support that the problem is resolved or can be resolved ( Meets those Specific Requirements of Flood Elevation), I would not venture into this problem. There are way to many unanswered questions; #1) Structural Integrity comes to mind and several others thereafter.
Move on.......

 

[JAM]

JAM;
Don't know your area that well, but, expanding on my earlier comments, Flood Elevations are required by the municipality, along with CAM and other water complexities; Until you have greater support that the problem is resolved or can be resolved ( Meets those Specific Requirements of Flood Elevation), I would not venture into this problem. There are way to many unanswered questions; #1) Structural Integrity comes to mind and several others thereafter.
Move on.......

Thanks Jay, I replied to the realtor's email by letting her know that I had no knowledge and did not want to be involved. I recommended an attorney and surveyor rather than try to be entangled with that situation.

 

[Restrain]

Here is a real-life example. Now this occurred during construction, but shows the legal issues. A home in a very high-dollar Dallas community was having an addition constructed, with an elevation issue in the area. During construction, it was found that the addition was below the minimum elevation. Te city required demolition of the addition. No variance, no exemption. Builder had to take it back to the ground and start over.