Stephen Wood
Freshman Member
- Joined
- Jun 26, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Tennessee
I have an assignment (conventional refinance) for a property located in a rural property subdivision yesterday that turns out to have a dry well. This is the only water supply to the property. The borrower stated that the well has gone dry periodically over the last two years. If any Tennessee appraisers out there see this, the property is located in Cumberland County, just past the Roane/Cumberland County lines.
The owners are currently collecting rain water in an underground cistern for laundry, etc. You should see what the have contrived...a downspout running from the house gutters at about a 45 degree angle to the cistern 100' from the house. They bring in water for drinking and bathing.
I reported this to the lender who wants to continue with the appraisal. Their instructions? Do your best !
The city (Crab Orchard, TN) plans to run water lines to this subdivision and is in the bidding process now. They hope to have the work completed by late fall. The cost to connect when (and if) this work in completed is low, $750.00for the connection fee plus the cost to run a water to the meter.
I am really not sure how to approach this one. I admit to having not yet looked for a comparable sale with a similar situation. Something tells me this is not going to be easy to find. I have several ideas, none of which I particurly like. Rather than tossing those out for discussion, I wondered if anyone had run across a similar situation and how they handled it.
I'm stumped.
The owners are currently collecting rain water in an underground cistern for laundry, etc. You should see what the have contrived...a downspout running from the house gutters at about a 45 degree angle to the cistern 100' from the house. They bring in water for drinking and bathing.
I reported this to the lender who wants to continue with the appraisal. Their instructions? Do your best !
The city (Crab Orchard, TN) plans to run water lines to this subdivision and is in the bidding process now. They hope to have the work completed by late fall. The cost to connect when (and if) this work in completed is low, $750.00for the connection fee plus the cost to run a water to the meter.
I am really not sure how to approach this one. I admit to having not yet looked for a comparable sale with a similar situation. Something tells me this is not going to be easy to find. I have several ideas, none of which I particurly like. Rather than tossing those out for discussion, I wondered if anyone had run across a similar situation and how they handled it.
I'm stumped.