Maximum number of acres allowed for appraisal on a form 1004?

[Terrel L. Shields]

it doesn't have much use for agriculture purposes.

recreation/conservation is one class of land I use when assigning values. In the Ozarks, a lot of woodlots are not timber quality, too steep to clear and farm, and hunting leases or personal use for hunting, recreation and conservation is common. Many are managed with food plots to maximize the deer population.

 

[glenn walker]

These dunderheads where I live think if the own a 1/2 acre lot they live on JR Ewings South Fork Ranch.

 

[alebrewer]

These dunderheads where I live think if the own a 1/2 acre lot they live on JR Ewings South Fork Ranch.

The value of a half acre lot where you live is probably not too far removed from a 100 acre lot in North Texas...

 

[Mike Kennedy]

There are highly lucrative assignments - and then .........there are Others - <<< this be one of those. Pass.

 

[CANative]

I used to do these fairly often prior to retiring. In a big, open rural area where most land uses are for ranching, range lands, forest lands, other types of marginally productive land, etc., it's just a big lot with a house to live on. 1004 is fine but it needs to be augmented by a few pages of narrative comments. I don't think it needs a treatise on HBU because there doesn't seem to be a huge market for smaller (20, 40, acres or so) and people like these lots just as they are.

Write the story so your lender client can understand what he's got to work with and so he can compare it to the proposed loan program.

If you can bracket the lot size (even with older sales or distant sales) you've struck gold.

 

[KYLECODY]

When I picture Montana I see lots of forest, some elk, deer, cattle and good ole boys drinking PBR.

What can the land be used for? Could it be ranch land? I would be wary of putting 257 acres on a 1004.

Ever been to Montana? Half is glorious and beatiful and half is rolling plains like N Dakotas cooler cousin and desolate. Real estate prices in Western MT have gone silly in the last 10 years or so and has attracted the typical yuppie with money and California exodus crowd. Many native MT'ers are priced out. The second home market there has gone nuts. I looked at moving to Bozeman 15 years ago and its now pretty much unaffordable compared to then. Its not what it used to be. Good ole boys don't drink PBR, only college kids with no money.

 

[J Grant]

Ever been to Montana? Half is glorious and beatiful and half is rolling plains like N Dakotas cooler cousin and desolate. Real estate prices in Western MT have gone silly in the last 10 years or so and has attracted the typical yuppie with money and California exodus crowd. Many native MT'ers are priced out. The second home market there has gone nuts. I looked at moving to Bozeman 15 years ago and its now pretty much unaffordable compared to then. Its not what it used to be. Good ole boys don't drink PBR, only college kids with no money.

which all means what for the subject assignment?

IF the land is really becoming that valuable, even in the more remote rural areas of Montana, then maybe keeping 257 acres intact for somoni's private use/hunting playground is not the HBU after all. The OP needs to see what the HBU really is, despite no limit on acreage for fannie - idk the scale out there of large tracts, at what point, if any, does the size of the land out values the house that it is in the market a large tract that has a house on one parcel, vs a house sitting on a large tract of land.

It is subvisible per OP -d even if subdividing into smaller buildable lots (smaller being 20 acres ) is not the trend in area, maybe dividing the land at some other point is...- I am all for preserving land and leaving it intact, but at what point is that a basis for a residential financing loan conventional ...

It's all about scale - if majority of houses on 200-400 acres sell with intact lots and the land is not farmed or ranch, fine, but if the majority of big tracts that are just land with a house are 50-100 acres, then the land of subject is perhaps excess over 100 acres - might depend on how the tract is configured, whether a portion or almost none has road frontage, access etc...idk, sounds like a beautiful area though.

 

[glenn walker]

On on board with Post #25-Based on everything the OP had described its not going to take much to establish a H & B use. Also good walk about on the land and 30 minutes later you will have an-idea of what its H & B use is.

 

[Terrel L. Shields]

Ever been to Montana?

Also had a record snowfall this weekend...nice...