FHA Excess Land

[glenn walker]

I have a hard time believing 100 acres could be surplus land. A thorough H&BU analysis will need to be done & I am not sure the OP would be qualified to do it. The assistance of a CG may be necessary. Terrell may have something to say about it.

Actually its fairly common-In California. When we were Land Brokers in the Eighties it was not uncommon at all to see these situations. Usually related to utilities-water-easemnsst and 99 other reasons that prohibit it to be economically feasible at that time. Remember just-because it can be done does not mean its going to be done.

 

[CCAAMO]

I agree. I've appraised a few properties over the years where the land either could not legally be developed, could not physically be developed, it was not economically feasible to develop, no market demand, etc. The property owners always thought that all land had some value and at $1,000 a acre how could they go wrong. Some of those properties had negative values due to site contamination, liability etc. You know what they say happens when you assume.