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Land Appraisal

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KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
Doing a land appraisal for the first time and dont have any good statements regarding objective and scope for my text. Would someone be willing to either cut and paste or email me what they include on the text for a land only deal?? Its a half acre lot in an urban area if that matters. My email is [email protected]. Thanks very much.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Kyle,

It would be best for you to check with your mentor on this. Ask for a couple of examples from him/her that you can go by.
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
remember
in most cases vacant land is NOT highest and best use..
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The objective of the appraisal is whatever you're being hired to do. The scope directly depends on what the objective of the appraisal is.

For example, you have a vacant lot in a subdivision and you want to estimate market value, then the objective is to estimate market value as of the date of appraisal, with the scope being what you will do to reach that objective.

You have a half-acre lot in an urban area. That's like saying you have a car. It's not saying much. For example, the half-acre lot may be zoned residential, commercial, multi-family, or may be in a flood plain and unusable. The objective may be to estimate market value, value for a long-term investment, foreclosure analysis, or for eminent domain. The scope would involve the analysis of the site, the acquisition of data, and the analyses involved in reaching the objective of the report, all of which can vary depending on what the original objective is.

Hope this helps.

Roger
 

KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
umm yeah,
Not to be a smart *** but why would someone assume Im a trainee because I am asking this question?? Not a trainee, dont have a mentor, have just never done a land appraisal. Have two friends both appraising 8 yrs who have never done one either.

I know the theory of objective and scope...am just hoping someone would be generous enough to share a "canned" paragraph or two for the text and I can alter for my purposes. Just asking for a little help from my fellow appraisers. Thanks
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hello Kyle;

This sounds like a competancy issue. If you have never appraised land before, I think you would need to disclose this and partner up with someone who has.

As far as your original questions, the partner would probably have what you are looking for.

Regards
Hal
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Please accept my apology for such an assumption. It comes from this and other questions you've asked here. You are not listed on the ASC national site or the state of Colorado as Kyle Cody or Cody Kyle. It would help us help you to know you are really an appraiser and not an unlicensed wannabe. If you would supply proof of your license, we all would jump in to help a fellow appraiser that had poor training. Personally, I can't help resenting providing training to someone that is not licensed and I'm not about to give away my experience and valuable time to someone I think might be working without a license. Please, prove me wrong and you will have full and humble apology and help.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
vacant land is NOT highest and best use

That depends upon a lot (no pun intended.)

In some resort areas, many times vacant lots are a vehicle to getting membership to the golf clubs, so there is a market for same for that purpose. Agricultural property depends upon how close development is, so large tracts are usually at their H & B Use in areas where development is not taking place. Many properties are held for investment purposes or future development. I know a number of builders who buy 20-40 acre tracts for future subdivisions and rent the pasture until they are ready to develop which might be 2 - 4 years down the road, thus pasture renting is an interim use and immediate development may be premature and thus NOT the highest and best use. When it was announced that rural water lines were going thru an area near me, land was bought up by builders anticipating the future waterline going past the property and thus the land could be developed, but cannot be developed economically until those water lines actually exist. My deposit on a rural water tap is 5 years old, maybe 6. No line in sight yet, but a few contracts have been let for the mains. Maybe in a year or two.
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
Terrel

Please
Qoute the full lot(no pun intended)


Rich said....
"IN MOST CASES"..............blah blah blah(Terrels's qoute of Rich's post)
 
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