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Land Appraisal Question

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FV Guy

Freshman Member
Joined
Aug 29, 2016
Professional Status
Certified Residential Appraiser
State
Illinois
Hi Folks,

I have a request to do an appraisal on over 20 acres of tillable agricultural land. I'm a residential appraiser. Is it even possible for me to accept this assignment without being a commercial appraiser?

Thanks!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Ask the state board. In my state, if under $250,000, then yes you can, but depends on your state board.
 

Gobears81

Senior Member
Joined
Nov 7, 2013
Professional Status
Certified General Appraiser
State
Illinois
Without a supervisory appraiser that has a CG license, no you can't, sorry.
 

FV Guy

Freshman Member
Joined
Aug 29, 2016
Professional Status
Certified Residential Appraiser
State
Illinois
Ask the state board. In my state, if under $250,000, then yes you can, but depends on your state board.
The funny thing about that, unless you do the appraisal, how would you know what the value is? Thanks!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
, how would you know what the value is?
Then you seek a CG to sign off, or reject it. But if 20 is worth $12,500/acre then it is awfully good ag land or more likely, HBU isn't agriculture
 

SpartanAG

Member
Joined
Feb 12, 2008
Professional Status
Certified General Appraiser
State
Arkansas
The funny thing about that, unless you do the appraisal, how would you know what the value is? Thanks!

For non-residential properties in Arkansas, state licensed and certified residential appraisers are limited as follows:

For Federally Related Transactions a state licensed/certified residential appraiser shall be limited to appraising a "transaction value" (loan value) of no more than $250,000.

For Non-federally related transactions a state licensed/certified residential appraiser shall be limited to a "property value" of no more than $250,000.
 

FV Guy

Freshman Member
Joined
Aug 29, 2016
Professional Status
Certified Residential Appraiser
State
Illinois
Then you seek a CG to sign off, or reject it. But if 20 is worth $12,500/acre then it is awfully good ag land or more likely, HBU isn't agriculture
All the more reason to have a CG. HBU might not be agricultural. In this case it's a bit over 20 acres, but a previous sale was over $200k.
 

FV Guy

Freshman Member
Joined
Aug 29, 2016
Professional Status
Certified Residential Appraiser
State
Illinois

ExplainDNA

Senior Member
Joined
Oct 30, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
H&BU is Ag in this case, as the land is being leased and used for growing crops even now.

We knew this prior to finishing the assignment, but in this case the assignment initially came over as house + one acre. Only later did we find out the borrower was looking to have *all* his land included. At that point we advised the client that it appeared the borrower's expectation was not reflected in our order and asked for guidance, stating that a CG would be necessary if all the land were to be included. They advised that we finish house + one (the primary PIN/address) only. So we did.

(Side note - the previous appraiser did include all the land, we have the report, he was a CR, and the report just stunk.)

This is simply bad communication, but not on our part. FV Guy did all he could to rile up some attention.

Anyway, now they just want us to 'slip in' 25 more acres to our original report. I mean, we do that all the time, right? No biggie! Uh..... no.

We're just trying to handle this as professionally and tactfully as possible, and even trying to see what they might be seeing. Ultimately we cannot accommodate their request, fee isn't even the issue, and we're going to politely, but firmly, stand our ground hoping for the best. These are the kind of things that get you knocked off a rotation.

Best,

Dave...
 
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