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Just Checking With My Peers

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LeePie

Freshman Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
Montana
Got an assignment that turns out to be a bit more complex than I like, asking for confirmation that this is a multi-family with additional income and nothing more (devious ;) The assignment ordered as 1004 with 1007 and 216 (which I disagree). Property turns out to be on 20 some acres, has a residence with full finished basement-mother-in-law unit-and several large outbuildings. The (main) tenant is renting all for $2,500/month, but sub-letting the residence in a duplex configuration- main level-one family, basement level another family while she is renting the outbuildings to train livestock. There is no zoning, the site is suburban, but this whole configuration is probably not typical (I haven't begun to wrap my head around the research yet). Before I proceed and ask for a much higher fee and extended turn time, any ideas? In addition, the county has the entire property having two addresses. Thanks in advance for any help you might give.
 

Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
I am not trying to be rude. Lol. I get accused quite often. There are countless scenarios that could come into play with it being suburban based on your analysis. Call a few appraisers in your area and see if you can team up with one and then give your revised fee quote.

The lease terms, could be a working farm, could have a different highest and best use than it's current use. I bet in Montana you could do most of the work and find somebody to team up with. If not, maybe somebody else here can give you better advice than me.:)
 
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LeePie

Freshman Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
Montana
I am not trying to be rude. Lol. I get accused quite often. There are countless scenarios that could come into play with it being suburban based on your analysis. Call a few appraisers in your area and see if you can team up with one and then give your revised fee quote.

The lease terms, could be a working farm, could have a different highest and best use than it's current use. I bet in Montana you could do most of the work and find somebody to team up with. If not, maybe somebody else here can give you better advice than me.:)
Thank you!
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Sounds like a job for a CG. Maybe find help as suggested. Or cancel. :shrug:
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
If there is no controlling zoning, then I'd say H&BU will determine what the property would be purchased as (SFR, multifamily, non-SFR, something else?) and, consequently, how to value it. Then, you can decide if (a) it falls within your competency level and (b) if you want to take it on (and, you'll have a better grasp of the complexity so you can decide what to charge for the assignment).

Good luck!
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Out here this would not be a complex assignment. 20 acres with a house, a big ADU and some ranch type buildings? Not a residential income property. It wouldn't be unusual as a second property for a well-off type from the Bay area who might rent it out like the one in this scenario, especially in remote areas where they mainly want someone to look after the place.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
CAN - your in Cali

He's in Montana

I'm in CT and would think following the Yeller Brick Road would be less complex; you may have better luck trying to find a 1955 Studebaker
 

Ms. Janet

Elite Member
Gold Supporting Member
Joined
Oct 27, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Am I reading your post to say the Owner holds a single lease for $2500 to a tenant who he has approved to hold 3 additional sub leases? WOW, that's a set up. How much income is the primary tenant generating on the sub leases?
 
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