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Encroachment Problem

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panappr

Thread Starter
Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
I have an REO purchase on a standard interior lot 58' x 150' (rectangular) where the neighbor appears to be 2 feet inset along the rear portion of the fenced lot (been like this for several years, at least 2 last purchases). Addressing the issue as "subject to" removal of or re-aligning the fence? getting a survey cert?, or "as-is" with an overall description and adjust? The agent thinks I'm making a big deal out of nothing, the lender/owner is unaware of the issue. Buyer wants the property desperatly. It is what it is....Time sensitive.
 

panappr

Thread Starter
Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
I might add that the property is priced well under current market value and has 14 multiple offers in less than 10 days...
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
An encroachment is an encroachment. Report it and move on. The underwriter will decide if it must be moved. Id CB4 the appraisal and make it under the extraordinary assumption that survey will show the lot line to be the original and not that as fenced.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Value the property as described in the legal description, note the possibility of an encroachment and let the underwriter decide.
 
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