- Feb 20, 2002
- Professional Status
- Licensed Appraiser
HC or EA????
Last appraisal review of the year!
Subject property is 240 acres divided into 10 parcels. The bank wanted an appraisal done on one of the parcels which is 29.9 acres. The appraiser did it on the entire 240 acres. So the bank orders a review with new value (yes they are paying for the review of the first appraisal and for the second appraisal. No slack cutting to speak of review is 450 beaver pelts and the new appraisal is 450 beaver pelts.) The 29.9 acres has a four year old home it and a few outbuildings.
In the original appraisal on the 240 acres, it made no difference as to access to the home from the state hiway. But now doing just the parcel with 29.9 acres, if the bank were too foreclosed on the property there would be no access to the home and buildings with out an easement. There is no easement showing on any of the deeds that you would need to cross to get to the subject property. The property can be access from the Lower Wisconsin River Waterway by boat as the subject is contiguous to the Waterway and public usage. But that would not be a good year round access.
The Reg. of Deeds at the court house said many times there is an easement but they are not recorded. I call the owner and he said he would not have a problem granting an easement to the property if he were to sell it or one of the other parcels that you must cross getting to it. But this is a what if; What if he gets mad next year when they foreclose and does not want to grant an easement. What if he sells one of the other parcels and the new owners don't want to grant and easement?
So would I be safe in doing the review and the new appraisal as an HC that there is an easement or an EA?
I have already gave the Bank a heads up this morning. They said do it the best way so they can sell the loan in a portfolio to an investor.
How would you approach this problem???????