daven
Freshman Member
- Joined
- Feb 28, 2008
- Professional Status
- Appraiser Trainee
- State
- South Dakota
I have only been appraising for about 6 months and ran into what I think is a unique situation. My supervisor is a very good and well renowned appraiser in our area. I do not doubt his opinion I'm just curious how others may approach this appraisal, here are the major details:
Two houses located on a corner lot, primary house is 2 story built late 1800's with 2100+ Sq Ft. Second house is just over 600 sq ft located right behind the primary house built in the 1940's. City has a parcel number for each house, but will not allow the sale of one without the other. The address is the exact same for both houses. The smaller house is being rented for $zzz.xx per month. Lender is not attributing any value to the smaller house, yet comparables will likely not support the sale price of the property & improvements alone. Smaller house is not listed anywhere in the purchase agreement. County assessor is attributing two seperate land values, and significant value to the smaller house. This is in a community in South Dakota with a population of around 3000. There are NO comparable properties. Again, no properties with this unique combination of improvements. How does one approach the valuation of such a situation.
With your suggestions I will respond with my scope of work conclusions/thoughts. Thanks
Two houses located on a corner lot, primary house is 2 story built late 1800's with 2100+ Sq Ft. Second house is just over 600 sq ft located right behind the primary house built in the 1940's. City has a parcel number for each house, but will not allow the sale of one without the other. The address is the exact same for both houses. The smaller house is being rented for $zzz.xx per month. Lender is not attributing any value to the smaller house, yet comparables will likely not support the sale price of the property & improvements alone. Smaller house is not listed anywhere in the purchase agreement. County assessor is attributing two seperate land values, and significant value to the smaller house. This is in a community in South Dakota with a population of around 3000. There are NO comparable properties. Again, no properties with this unique combination of improvements. How does one approach the valuation of such a situation.
With your suggestions I will respond with my scope of work conclusions/thoughts. Thanks