- Joined
- Dec 2, 2012
- Professional Status
- Certified Residential Appraiser
- State
- Wisconsin
What is the correct way to make an extraordinary assumption? Where do I want these comments to be sure to appear in the report?
Yes, as stated, I can measure it using GIS and that would likely be more correct than my physically measuring the lot. I am just aware that GIS is not always completely accurate. It is actually written into the offer that the owner must have a surveyor identify the lot corners so the Lender is letting me know if there is a survey completed yet. I am just curious how to proceed without this exact information.. you would be making an assumption that the GIS is correct.If lender can't get you a survey, go back and measure the lot...even an irregular lot can be measured and an estimate of sf made from the measurements..then note the efforts you made to get records, that the sf is from measuring, that you are not a surveyor and lot sf may differ slightly from a survey but the sf is close enough to credibly complete the appraisal.
Is the lot on an overhead aerial map? So many map services avail now and some even have measuring tools...you can virtually measure a lot online off an overhead map in some cases (I am lucky our county property appraiser office offers this feature)
http://everydaycalculation.com/land-area.php
other tools online (and I stink at math even I can do it )
As you already know I'm sure, USPAP, requires you to adequately identify the property and that would include the size. In your case I assume you have the legal description. If it is lot and block you can look up the plat in public records. If it's metes and bounds you already have what you need. Either way the info is available to you to figure out the answer to your question. All without an EAhow the hell did you value the lot with no square footage?