• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

ERC appraisal of vacant land

Status
Not open for further replies.

HYDR1848

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Certified General Appraiser
State
Kentucky
My supervisor is skiing in Colorado so I can't get in touch with him. I was just wondering if anyone has done an ERC appraisal of vacant land and If so what form you used? Also, Any added advice would help too, Thanks.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
How does someone get relocated away from vacant land? How big is the land, what is its current use? What is its Highest and Best Use?
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Narrative --- I have had two of them where the transferee had sold the house, but had not sold the extra acreage he had for sale when he was transferred. These were USDA Transferee's in a rural area.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
My supervisor is skiing in Colorado so I can't get in touch with him. I was just wondering if anyone has done an ERC appraisal of vacant land and If so what form you used? Also, Any added advice would help too, Thanks.
I suggest you wait for him to get back from his trip.
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
The ERC appraisal form is for a residence. Your client may need something similar but there isn't an ERC form for it.
 

Peter Krumm

Freshman Member
Joined
Feb 1, 2007
Professional Status
Certified Residential Appraiser
State
Florida
You could ask the ERC company what they usually do in this situation... Just a thought.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I have done one. It was a house with an extra lot beside, located on a golf course. Both had separate parcel ID numbers. I did the ERC based on the assignment which specified the house and additional lot as the site to be considered for value. This was what was offered for sale through a broker. The assignment was completed and some time later I received a call from the ERC folks wanting to know the value of only the additional unimproved lot. Seems the title company messed up in the transfer and the deed drawn for the relocation included only the house site. Of course the price paid was for the house plus the additional $25,000 unimproved lot. The transferee noted this at closing but did not point it out. Instead, before leaving town, he listed the additional unimproved lot for sale for $29,000 or so. He later refused to agree to include the lot in the transfer sale and the ERC company, title company and maybe a few others had to eat the loss when they later sold the house only for about $20,000 less than my appraised value for the house and the unimproved lot.

That was a long way around to say that I did an appraisal for the ERC company on the unimproved lot using a Land form plus I did some consulting work for them on contributory value of additional unimproved lots that sold with improved sites to assist them in pricing the house and in their negotiations with the HO. This one turned into a very interesting assignment.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks