• 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.

How about this one?

Status
Not open for further replies.

Lawrence R.

Thread Starter
Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
While doing my inspection of a house in a s/d on a lake(this house is not), the H.O informs me that he has a deeded piece of land on the lake, with a private, fenced access and a dock. I have been appraised in this s/d for about 6 years, on and off. I have yet to run in to this in this subdivision. I just researched 63 sales over the past 5 years and no mention of this in any other sale.

I have not seen the deed yet, and wasn't really clear if it was his alone, or if several, or many homeowners have a key to this area(will go and get it tomorrow) but I am assuming for now that it is just his...that is what he seemed to be saying. So, aside from a PFA, what are some other ways to make an adjustment?

I am supposing there may be some neighborhoods nearby with something like this...so I could at least get an adjustment from another subdivision, but all of my comps would need to be adjusted...and I do try to avoid across the board adjustments, when possible. This feels a lot like a pool adjustment...just not much to point to in terms of how much value, but surely it is of value.

So, I am open to some creative suggestions here. Thanks!
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
The first thing I would do is get a copy of the deed to find out if the lakefront parcel is owned by one owner, or in common. It is essential in determining what is the next step to take; guessing is simply speculation.

If time is of the essence, I recommend looking up the deed in person, rather than waiting for someone to dig it out.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
Are the deeded piece of land on the lake and the subject two different properties (if he actually owns the land by the lake and it is not common ownership)? If one can be sold without selling the other they are separate properties that would be appraised individually, just as if he also owned another house somewhere else. I would not make adjustments for it on the appraisal of the subject property unless it is legally part of the same property and can't be sold by itself..
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
All good advice. But, definitely wait until you get a copy of the deed before you do a lot of work on it. Homeowners notoriously "forget" details that drastically change the direction of work.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
If the lender is not liening the lake front lot together with the off water lot (assuming they are deeded separately and wholly owned by the subject property owner) contributory value is $000.00 .

Even if the lender attaches both, how much more value would a private access lot have vs a common access lot, say owned by an association, which offers the same access?

Got luck on determining that value.:shrug:
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
If the lender is not liening the lake front lot together with the off water lot (assuming they are deeded separately and wholly owned by the subject property owner) contributory value is $000.00 .

Even if the lender attaches both, how much more value would a private access lot have vs a common access lot, say owned by an association, which offers the same access?

Got luck on determining that value.:shrug:


In our area I have had a number of these. Some times they transfer with the title to the subject property the home is on, sometimes they don’t. sometimes they are undivided interest with other owners.

If there is public or common access points on the lake the private owned lot has little to no value in many cases.

It does take a lot of research to figure out some times and there for worth many more beaver pelts from around the lake.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
[, I am open to some creative suggestions here. Thanks![/QUOTE]

For a moment, what would you do if that extra lot had a house on it? It's not attached to the main property so it is likely you would recommend a separate appraisal, right?

Approach the 2nd lot the same way.
 

Lawrence R.

Thread Starter
Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
[, I am open to some creative suggestions here. Thanks!

For a moment, what would you do if that extra lot had a house on it? It's not attached to the main property so it is likely you would recommend a separate appraisal, right?

Approach the 2nd lot the same way.[/quote]

Well, it would be one small house...I am going to the Clerk's office now, so I will be back with more info. Film at 11
 

Lawrence R.

Thread Starter
Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
OK, no mention of it in his deed. The original survey shows his lot exactly as the most recent survey(1996) shows it.

There is no reference to the other strip of land in any of these surveys, either.

Interstingly enough, the Assessor's map shows the piece of land, with no parcel number, and they assert it is a common area. The funny part is, there is another strip just like it a few hundred yards down, and it does have a parcel number.

Based on the fact that I can't prove he owns it, or has exclusive rights to it, I am probably going to leave it out of the value of the house and lot and rock on.
 

Mary Tiernan

Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
Had a similar situation very recently. Homeowner says they have private 50' frontage with their own dock. The dock has been with the property since the 50s. Well, I know on some lakes around here once a new crew owns the properties, law suits happen. If it ain't written down, it don't matter.

I contacted the assessor to see what was up. Their 50' private frontage is a common alleyway to the lake for the property owners in the subdivision. Guess what? Their house is not even in the subdivision.

Be vewy vewy careful.
 
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