• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

no deeded access

Status
Not open for further replies.

caleb1004

Freshman Member
Joined
Apr 4, 2008
Professional Status
Licensed Appraiser
State
North Carolina
Hello,

I am appraising a property with no clear deeded access rights. The parcel is 51.35 acres and appears to be landlocked by other properties. How do i value this ? I have come up with a preliminary value based on "deeded access rights obtained or obtainable" and "easement access".

However, how would it affect the value if there were no access rights ?

thank you !

(land is residential zoned rs40):huh:
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Would you buy a property that has no legal way to get to it? How much would you pay less than other similar properties? Most states have laws that say a property owner is entitled to legal ingress and egress to their property, however, that doesn't mean that whoever lies between it and the most convenient roadway has to "give" it to you. I was involved in an issue like this when I sold real estate (several times) and basically the owner of the landlocked property had to hire an attorney, go to court, and the judge decided which of the adjoining property owners had to "grant" them legal access. Then the owner of the landlocked property had to pay them "market value" for the use of their property for access. Whatever that is.......or, of course, if the owner of the landlocked property could make offers until they hit the figure. Sometimes it is more than one owner between the landlocked parcel and a legal roadway and then you really have a stickey wicket.

I'm actually working on a similar situation right now and my sticking point is "Is it legally permissable" - in other words can you appraise the parcel as a farm, residential site, etc. with no legal access?
 

caleb1004

Freshman Member
Joined
Apr 4, 2008
Professional Status
Licensed Appraiser
State
North Carolina
landlocked.

so in this case, would it be appropriate to appraiser the property :" subject to" easement and access rights to the property ?

And state that the value is unknown without these rights ?
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Hopefully your client will allow you to speak with the abutters. If you cannot, then the reliability of your findings could be high or low in respect to the abutter that could possess the access at a their price.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Find out if there is a permanent easement. If there is an easement to the property I'd mention the fact there is no deeded access but there is a permanent easement. If no permanent easement I would turn down the assignment as the only value there is is the value to the adjacent land owners.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Find other landlocked parcels that have sold recently (up to 5 years or so back). You will likley have to interview a bunch of realtors and the local GC Appraisers etc to find these sales. I have done a few of these, you would be suprised at the comparable data once you start digging. At least I was.
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
The first thing I would do is determine if the property has some type of access, which will require reviewing various documentation. If not, the laws in your area will come into play.

"Subject to" is terminology that in practice is restricted to lending assignments. The property should be appraised "as is," unless there is some compelling reason that the client needs it to be appraised under a hypothetical condition (e.g., needs to know before and after values to determine how much to pay for the access). It can take years to obtain access to such properties, especially if the owners of the lots over which the access will be do not want to cooperate.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
If they have been using a road to the property for over five years , poof , instant egress over the adjacent property ,Adverse possession..
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
50 acres... you could probably put in a landing strip. Cost to cure = Airplane. ;)
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks