• 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.

Floodplain Info

Status
Not open for further replies.

apprz4u

Thread Starter
Freshman Member
Joined
Mar 1, 2008
Professional Status
Licensed Appraiser
State
Maryland
If a property is located in a floodplain, do the 3 comparables have to be located in a floodplain also? And since the total program adds the info to the form, is it necessary to include the actual picture of the map?

Thanks
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
First, a map is not necessary.

Second, if you are appraising something in a flood zone, you need to address if the property can be rebuilt (this is something facing a lot of jurisdictions - check recent Houston news), what the rebuild restrictions are (does it have to be elevated above the flood zone level), and any other effects.

Finally, at least one of your sales should be from a similar flood zone, similar in effect. You have to support how the flood zone affects the property.

That being said, if the rear of the site is in the flood zone, as is typical in floodways, but the residence is above the flood zone, then you generally have an effect on the site, but not on the residence.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
In general, the comparable sales should have the same value affecting influences as the subject.

If the comps are not similar, you would need to determine if there were an ajdustment warranted. Hopefully you could analyze sales that were of similar properties both inside and outside the flood plain to calculate the effect. If there were not enough recent sales for analysis, go back in time and find paired sales to compare with one another from that older time.

-----

Generally, a computer image of the on-line FEMA map together with the map #, data, zone, etc that transfers into wintotal is enough. When the subject is in the flood hazard zone, more information/ discussion may be needed to fully describe the property.
 

apprz4u

Thread Starter
Freshman Member
Joined
Mar 1, 2008
Professional Status
Licensed Appraiser
State
Maryland
Thank you, that helps a lot. This location is in Pennsylvania, do you know of a link to a reliable site that would help with the site/dwelling location? Trying to get info form the local office is limited and time consuming, especially since I am in Maryland.
 

apprz4u

Thread Starter
Freshman Member
Joined
Mar 1, 2008
Professional Status
Licensed Appraiser
State
Maryland
Web Site for Floodplains

Does anyone know where to get accurate info for floodplain properties on line ?
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Thank you, that helps a lot. This location is in Pennsylvania, do you know of a link to a reliable site that would help with the site/dwelling location? Trying to get info form the local office is limited and time consuming, especially since I am in Maryland.

The building department should have the floor line elevation. You have to make the determination from the flood maps what the flood elevation is. Generally, if ANY of the property is in a flood zone I simply acknowledge it is in a flood zone. I am not a surveyor or an engineer. Leave that interpretation to the client to determine and the owner to get elevation readings and maps.
 

Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona
I personally would put a flood map in the report since it has a direct bearing on value. And everything everyone else said. This is going to take just a little more research on your part, but should prove to be a good learning experience, and can give you a little more insight in the future with similar properties.

Good topic for discussion!
 
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