Land form

[Michigan CG]

I think the land form sucks, I do all mine narratively.

 

[Sid Holderly]

$/sf or $ per front foot adjustments often work best on land forms and add in the correct certs and addenda to meet USPAP.. It is often just as fast to use a narrative with lot data in a spreadsheet. Most local banks want the land form for purchases of lots that will soon be built upon (1 to 3 years out). I generally include my spreadsheet of local relevant lot sales with the form.

Land Appraisal, Non-Lender Land Appraisal, Old single page summary report, Generic sales grids,
AI site valuation, site page addenda for 1004 or AI, all can be used for a land appraisal with the right addenda. Once a narrative template is set up ist is generally faster.

 

[bnmappraisal]

The standard land form in almost all appraisal suites looks like this. See the adjustment column?

I agree with CAN. I use A La Mode, so not sure exactly which that would be with ACI, but mine looks VERY similar to CAN's example.

Vacant Land appraising isn't really much different than SFH. You just don't have a dwelling to worry about! Search for similar vacant land properties. You can still do paired sales analysis, etc. You have your unadjusted and adjusted sales ranges. You come up with your opinion of value based on the information at hand...

Best of luck!

 

[The Warrior Monk]

If you're going to use a form, I recommend the AI land form. The AI forms are good in the sense that simply by filling out the form most USPAP issues are covered. If you are dealing with a lender, discuss the form type with the lender first.

 

[gregb]

I agree with CAN. I use A La Mode, so not sure exactly which that would be with ACI, but mine looks VERY similar to CAN's example.

Vacant Land appraising isn't really much different than SFH. You just don't have a dwelling to worry about! Search for similar vacant land properties. You can still do paired sales analysis, etc. You have your unadjusted and adjusted sales ranges. You come up with your opinion of value based on the information at hand...

Best of luck!

Vacant land appraisal is usually one of the most complex and time consuming appraisals I undertake, but that may be due to where I work, and not a universal proposition. Due to the complexities of HBU, water issues, entitlements, CA coastal commission issues, zoning issues etc...I would usually much rather appraise any SFR or residential income property than a vacant piece of land.

 

[gregb]

I agree with CAN. I use A La Mode, so not sure exactly which that would be with ACI, but mine looks VERY similar to CAN's example.

Vacant Land appraising isn't really much different than SFH. You just don't have a dwelling to worry about! Search for similar vacant land properties. You can still do paired sales analysis, etc. You have your unadjusted and adjusted sales ranges. You come up with your opinion of value based on the information at hand...

Best of luck!

Vacant land appraisal is usually one of the most complex and time consuming appraisals I undertake, but that may be due to where I work, and not a universal proposition. Due to the complexities of HBU, water issues, entitlements, CA coastal commission issues, zoning issues etc...I would usually much rather appraise any SFR or residential income property than a vacant piece of land.

 

[Amy Perkins]

LAND2 form dated 04/16/2012 is the one for lending purposes I use. This form allows adjustments. If you are doing land, be careful in CA right now because there are water problems in this state. Some government agencies are not issuing new meters. We have water police driving down the street to make sure no one is watering their yard other than early in the morning or late in the evening. You can adjust for several things in a land appraisal, size, topography, utilities, view, neighborhood, terms, ability to perc, and anything else of value you find out. Call the zoning counter and make sure it can be developed and check the comps as well.

 

[bnmappraisal]

I know what you're saying Gregb. H&BU can be a pain. But where I am, it's pretty much just RES, so it's not too complicated. But I agree, that can cause a huge headache. I'm in an urban area, so it's different.

I just meant that doing vacant land still uses a lot of the same principles as SFH; i.e. sales comparison approach/paired sales analysis, etc

 

[Joker]

I nearly always use the GP land form or a narrative. I adjust on a per unit (acre basis) because market participants view prices in that manner.