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Land Appraisal

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So Cal RealEstate

Thread Starter
Junior Member
Joined
Jun 3, 2003
Professional Status
Certified Residential Appraiser
State
California
I have a question. I have done vacant land "Unimproved Land" appraisals before but have never been asked to do a cost approach. How the does one go about doing one if it’s possible?
 
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leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Whoever is asking you to include the CA in your appraisal obviously does not understand that the CA is not applicable to the assignment.

It is your job to inform them of this fact.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
When you say "vacant land" do you mean that nobody is living there or that nobody was home at the time of inspection?

Or perhaps you were referring to "unimproved land"?

I've been taught that houses are vacant; land is unimproved.
 

So Cal RealEstate

Thread Starter
Junior Member
Joined
Jun 3, 2003
Professional Status
Certified Residential Appraiser
State
California
When you say "vacant land" do you mean that nobody is living there or that nobody was home at the time of inspection?

Or perhaps you were referring to "unimproved land"?

I've been taught that houses are vacant; land is unimproved.

Sorry Richard its Unimproved land!
 

JSmith43

Elite Member
Joined
May 5, 2003
Professional Status
Certified General Appraiser
State
California
I could see the usefulness of a cost to cure calculation to make land usable, such as pollution mitigation. Perhaps, turning low lots or lots with unstable soils into build-able lots.

I suppose in some Holland like situation, one could build a dike, if legally permitted and create usable land. But, it most likely is someone reading a check box that doesn't have a clue it is a one size fits all form & a little judgment is in order (what Lee said).
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Sorry Richard its Unimproved land!


I knew that Travis. I just felt the need to yank somebody's chain today.

Thanks for being so obliging. :flowers: :flowers: :flowers:


Regards

Richard
 

Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona

I've been taught that houses are vacant; land is unimproved.


In California the term vacant land is commonly used for unimproved land. It is good to clarify that point however.-).:peace:
 
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Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona
Travis, does the public records show any improvements? Sometimes a structure has been torn down, and may not be immediately apparant, In that case there may have been a septic tank -which may or may not be still on the site, and a cost to cure would be appropriate.

If you used the Land form, then it doesn't even have the CA section. Did this request come in after you did the appraisal, or was it just a unknowledgable LO (or who hadn't had their coffe yet) that is just spouting the their office policy of wanting a cost approach on all SFR's?

It might be a good idea for you to request a copy of the prelim.
 

Lucien Hamernik

Sophomore Member
Joined
Mar 26, 2002
Professional Status
Certified General Appraiser
State
Nebraska
The old Farmers Home Administrtion appraisal forms had a Summation (cost) Approach for farmland where the farm was segregated by soil types(class) gleaned from the Soil Conservation Service's maps and assigned values per acre extracted from comparable sales.
I've seen appraisers use the 4 3 2 1 rule to value lots assigning 40% of the value to the front 25%, etc.
 
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