Land only comp on an REO addendum?

[MKay Appraising]

Simple question, I figure. I've never received an order for an REO addendum on a land-only assignment. Maybe I'm reading the engagement letter wrong, but it could also be a typo. Is it possible to include land-only comps on an REO addendum?

 

[TerryRohrer]

They are likely interested in the comparable listings section.

 

[MKay Appraising]

They are likely interested in the comparable listings section.

I thought that might be the case. If so, do I just put land-only comps on the REO addendum? Do I just enter in "0" for GLA and "none" for other characteristics?

 

[TerryRohrer]

I would just list the land aspects that affect value. And explain. There are no directions for that use, so you can’t be wrong. Just be clear.

 

[Tom D]

Put '0' where not relative, and n/a or none. Land REO, you got 3 land sales and 3 listings. Lucky you. You can use the extra blank lnes for land improvements, or not. At least you do have some site lines on the form.
Not sure how you figure a quick sale price.

 

[Bobby Bucks]

Several years ago I completed an REO assignment for vacant land which required the REO addendum. It was for Fannie Mae REO department. Since they are very anal about their reports I put the listings as 4-6 and in the REO addendum I simply filled in the appropriate subject and neighborhood blanks and NA in the ones where it didn’t apply. I remember arguing with a couple old goats at a CE class once when one of them said Fannie Mae does not order assignments on vacant land, they may not finance vacant land, but they own it when a foreclosed property burns down.