Impending site size reporting requirement

[Peter LeQuire]

Lessee. Site information in this region is generally reported as either acreage or dimensions. So far so good. Dimensions can be reported as 50 x 100, for example: but, it is also common to see dimensions reported as 50 x 93.62 x irr. The tax maps pulled through the public records reporting service may or may not have all of the site's dimensions.

At this point we either take the skate board to the court house, or begin purchasing documents on line. So then we go to the deed, which may or may not have site dimensions and/or acreage: many times there is simply reference to a lot number. So then we go to the recorded plat, which may have either dimensions and/or acreage, or both.

Converting acres to square feet, and back, is simple enough: I haven't quite mastered multiplying by "irr" however.

It will be interesting to see how reviewers react to meaningless differences in site sizes, however expressed.........

 

[Terrel L. Shields]

Perhaps you are missing the point???

Sounds to me like a 'see addendum' entry in the grid followed by a full 14" addendum page describing the metes/bounds of each of the parcels ..

My understanding was that such entries will be forbidden..You will either have to use comps of less than one acre if the subject is less than one acre or comps of over 1 acre, if over 1 acre... The use of mixed ac / SF may not be possible in the new format... It will be either or...and addendums don't count.

Every appraiser in America ought to write their congressman or woman and tell them to dump fannie mae and take the rule making away from them....even if it means abolishing the new "regulator" of the GSEs who apparently is the one pushing for this so called "uniform" forms.

 

[Tim Hicks (Texas)]

"see addendum" will not be in the drop down list.

 

[VegasWayne]

I can see the stip for the OP now. Please explain the lack of adjustment for lot size. The subject is only 43,400 square feet and comparable #1 is 1.00 acres.

 

[Tim Hicks (Texas)]

First of all, if your subject is over an acre, all your comps should be reported as acreage. If you report your subject as SF, how hard is it to convert 1.5 ac to 65,340 SF?

 

[HF Mudd]

Aren't there still 43,560 square feet in an acre? How tough can it be to juggle acres and square feet? Who needs a chart to convert the two?

AMC reviewers?

 

[Lloyd Bonafide]

Do you not understand how confusing this will be when the subjects and comps straddle the magic 1 acre size and we are forced to report their size in two different ways in the same report?

I don't see a huge problem there. There are other parts of the new reporting requirements which will be more confusing. If an UW or someone else doesn't know how many feet are in an acre, they can look it up I guess.

 

[DTB]

Why do we need this NOW when the demand for appraisals will be lower than ever. There should be enough time for everyone involved to RTFR.

Especially if they go away from Fannie/Freddie, why would we have them designing anything at this point?!?

 

[Jo Ann Meyer Stratton]

That is the way my appraisal reports have looked for 29 years. I have had both square footage for under an acre and acreaage for one acre or larger in the sales comparison approach and have never received a call back from anybody during those 29 years. When I am completing a review of a report and the appraiser uses per centage of an acre for small lots all the way through the report, I mutter to my self because I have to translate those into square foot for so I know how large the sites are. An acreage per cent for a small lot looks very confusing to me because I can't tell at a glance if one lot is twice as big or 1/3 smaller. So the new guidelines for me is to continue onward my normal way.

 

[Tim Hicks (Texas)]

That is the way my appraisal reports have looked for 29 years. I have had both square footage for under an acre and acreaage for one acre or larger in the sales comparison approach and have never received a call back from anybody during those 29 years. When I am completing a review of a report and the appraiser uses per centage of an acre for small lots all the way through the report, I mutter to my self because I have to translate those into square foot for so I know how large the sites are. An acreage per cent for a small lot looks very confusing to me because I can't tell at a glance if one lot is twice as big or 1/3 smaller. So the new guidelines for me is to continue onward my normal way.

Same here!