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More or Less

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Anonymous

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hello all. been quiet, no problems for a few weeks. that changed!!

lot is either 0.77 acres (county), 0.76 acres (surveyor's plat map)
0.726 acres (deed taken from plat).

I want to call it 0.77 acres m/l......

Loan officer wants ACTUAL size. I tell him to hire a surveyor. I tell him m/l works for just about all situations except for cemetary plots.

comments??
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
like the REAR picture. ALL sorts of remedys. Here's one for this: Go find one of those $2.98 keychains with the crappy "tape measure" attached (about 6 inches of measuring tape), photocopy the plat map and get driving directions from Yahoo! Maps, put it in an envelope and tell HIM to go measure it off. However, I wouldn't expect too much work from him in the future. :cry: OR, he may like it. :lol:
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Frank,
I wouldn't handle this situation any differently than you already have.

Perhaps stating .77 acres m/l, in addition to disclosure of site size as stated by county, plat map and surveyor in the addendum will satisfy the LO's request, but may cause some concern to the underwriters. I would point this out to the LO and see if he/she doesn't back off and let you do your job. If this is a purchase the buyers can always request a new survey if they have concerns.

Doing your own measurements would only open you up for more problems later if there is a discrepency. Stick to your guns.

Dee Dee
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
I'm with Dee Dee. Too many unknowns even if you were to measure it off yourself. How do you as the appraiser know exactly where the corners and lot lines are??

Tell this L/O to leave the valuation to you and the exact lot size to the surveyor. Would he ask his electrician to certify his plumbing?

A nice way out of it that he couldn't argue with - "my E & O coverage doesn't apply to surveying. Sorry."
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
.77 - .726 - it's less than 2,000 square feet. I don't know your area, but it doesn't seem like that small a difference would make much difference. I mean, would you even make an adjustment? I doubt I would. :)
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Hey Lee,

I almost said the same thing. Then I thought of an instance where such a minute difference may matter. In my market, 99.9% of the time it wouldn't even involve a second glance. No adjustment. Then I remembered one critical cut off point of lot sizes- septic tank regulations.

In my area, the minimum site size for a well and septic system is 1.00 acre or 0.75 acres if an easement is involved. OK, most regulatory bodies are going to allow small variations, but with my luck I'd be the one single case where they'd decide to be sticklers over 0.05 of an acre. Could make the difference of a habitable or inhabitable site if public utilities aren't available and you have a control freak at the wheel on the day you're going to pull your permit.

Sounds like I'm splitting hairs, I know. But I wouldn't risk my checkbook or my license on it. Not a surveyor, not gonna play surveyor.

BTW, in the spot for site size/dimensions, I will generally type 'as determined by survey'. Then in the sales grid, place 'approx. 0.75 acre'.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Even if the lots are all 100' x 150' on the plat I put disclaimers in.
In the Dimensions line: 100' x 150', per plat, subject to current survey.
In the Site area line: 15,000+/- SF or .34+/- Acre, estimated.
In the Comments lines: Subject to current survey to verify site information including dimensions, easements or encroachments.

IF anyone wants to question any of this information, I tell them that the appraisal is subject to a current survey. I am not a surveyor. If a current survey is provided to me that is different than what the plat or tax information is that was available to me at the time of the appraisal, I will consider the differences and write an addendum or complete a new report using the new information, whichever is most applicable. I would charge for a second report if that ever happens. I ask for a survey at the time of the order.

Take it easy on yourselves!
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Frank --

You refer to the LO's inquiry --

In order not to continue an argument with a LO acting as an UW, I would simply give him the survey's perimiter measurements.

Or refer this LO to the title work, insofar as it differs from YOUR size or description.

How dim is this guy?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
"the appraiser was not provided with a survey; therefore, lot measurements and square footage are from the county assessor's public record. The client is advised to consult the recorded plat and/or survey".

Perhaps 2,000 sf is not enough to make a difference in most markets. I would not say that in my appraisal report. If the lender wants you to use the survey, let them provide it to you....then state in the report this is what you used and that you are not a surveyor and not qualifed to determine if it is correct or accurate.

Good luck!
 
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