Fannie Mae and "Multiple Parcels"

[alebrewer]

Again, in your opinion. You are entitled to your opinion. Extending your thoughts, it would be wrong to share the USPS mailing address.

You are arguing a straw man, Mr. Lansford. While there is NOT a big difference between home, and work, emails, there is a HUGE difference (think Grand Canyon) between posting a COMPANY'S BUSINESS ADDRESS and posting a person's PERSONAL email address.

 

[BRCJR]

My work email does not belong to me. It belongs to the institution I work for. Go ask an attorney if you don't believe me.

 

[Lee Lansford]

Lee -I don't say NO for any other reason than the obvious one: In such a situation, the H&BU as improved is not as one property. This is true no matter how much you desire to lump the 2 together to offer one opinion of MV>

That is your opinion and I understand your point of view. However, the assignment is for ( even in a refinance, a presumed sale ) the house sold together with an adjacent lot. I fail to see how that diminishes the value of the house on its lot - even if appraiser determines the vacant lot value is diminished by selling it together with a house. in any case, we have to explain what the "other" alternative use is if we mark "No" - so what would it be ? No? other -sell the house without adjacent lot?

Though I understand the reasoning, now we are telling people what they can and can not do in a market, even if what they want to do is legal. There is nothing illegal about selling a house together with an adjacent vacant lot. It becomes a valuation problem to be solved if that buyer is financing. Some want to decline the assignment, which may be a good choice.

You confuse one's desire to mortgage multiple parcels with the proper way in which to appraise a property for its MV. The two are not the same and your interest as an appraiser is not the same as though you were a mortgage broker.

 

[Terrel L. Shields]

Back to the Q. Two lots - one improved , one vacant sold as one economic unit. Otherwise no difference. The HBU - as if vacant and available for its highest and best use - is identical for each lot. "As is" one is improved and one lot is not. So when we all talk about HBU...what is left out of the discussion is that lenders want to know if the bare lot is worth more than if improved. That isn't a full analysis of HBU as is and as if vacant.

If a significant number of sales over the years included extra lots, then you can call it plottage if you like, you could call slumgullion if you want. But its HBU as vacant is the same. Its value is the same. A second lot is not invisible. It is not surplus (which normally means it is an oversized lot.) It adds more than mere marginal utility of more space around or adjacent to a house.

What I think I am seeing are people appraising an improvement with land instead of appraising the actual underlying property (land) with an improvement. I will do what I've done for 30 years. Value the lot at market to add to the improved property value while examining whether or not it detracts from the improved property. That is rare indeed. Same with farmland. Be it 1 tax card or 20, I appraise it as an economic unit, not the sum of 20 disassociated parcels.

 

[alebrewer]

My work email does not belong to me. It belongs to the institution I work for. Go ask an attorney if you don't believe me.

you can't seriously be that thick?... again, the definition of personal is "of, affecting, or belonging to a particular person rather than to anyone else." The entity who owns the domain has nothing to do with it. Your email address is YOUR email address - i.e. it is not anyone else's.

 

[alebrewer]

What I think I am seeing are people appraising an improvement with land instead of appraising the actual underlying property (land) with an improvement.

Love that statement.

 

[BRCJR]

you can't seriously be that thick?... again, the definition of personal is "of, affecting, or belonging to a particular person rather than to anyone else." The entity who owns the domain has nothing to do with it. Your email address is YOUR email address - i.e. it is not anyone else's.

So my employer cannot shut down my work email address. I think the entity that can do that "owns" it.

 

[alebrewer]

So my employer cannot shut down my work email address. I think the entity that can do that "owns" it.

I have no more words. This is inane.

 

[Carnivore]

Could you have found it without Mr. Lansford's assistance?

Yes, i could have, via another FNMA e-mail of an individual who works for FNMA and is one of my primary points of contact in my appraisal business.

 

[alebrewer]

Yes, i could have, via another e-mail of an individual who works for FNMA and is one of my primary points of contact in my appraisal business.

But only because of that. And even then, hopefully you would have the decency to not s hare without their permission.