Personal property

[CANative]

I forgot what the forum opinion was on how to treat personal property on a residential lot. Could someone refresh my memory?

 

[c w d]

I don't consider personal property in my appraisals. They're not real estate. Hence, I do not form an opinion of value. Probably not what you're looking for but, my 2 cents.

 

[Caligirl]

I forgot what the forum opinion was on how to treat personal property on a residential lot. Could someone refresh my memory?

Found some more pot plants? :icon_lol:

 

[Marcia Langley]

I forgot what the forum opinion was on how to treat personal property on a residential lot. Could someone refresh my memory?

.

 

[Richard Carlsen]

Greg

If this is a TIC question then all I can say is "Getting old is hell. First the legs go; then the memory."

If it is not, here's what I say in statement #11 in the Additional Comments on Page 3 of the 1004:

* No consideration is given in the report for the contributory value of any of the following: personal property, mineral rights or standing timber, if any.

The only time personal property is considered is when it is included in the sale in a comp and then it is estimated and extracted in the sales grid.

 

[Mike Boyd]

Greg, If this is a TIC question then all I can say is "Getting old is hell. First the legs go; then the memory." If it is not, here's what I say in statement #11 in the Additional Comments on Page 3 of the 1004:

* No consideration is given in the report for the contributory value of any of the following: personal property, mineral rights or standing timber, if any.

The only time personal property is considered is when it is included in the sale in a comp and then it is estimated and extracted in the sales grid.

If it's an honest transaction (in California) the personal property will be extracted from the sales price by the agent (as advised by the buyer) so he/she will not have to pay real property taxes on a 30 year old tractor or a shelf full of knick knacks.

 

[CANative]

I forgot about this thread.

I've got a property of about a half acre with 20 years of collecting on it. 3 or 4 large (oceangoing) fishing boats in various states of dismantling, engines, heavy construction equipment, little tractors, big tractors, broken tractors, portable fuel tanks, a couple of dozen 55 gallon drums that the owner said were used for mineral oil (sure), trucks, cars, boxes of stuff, crates of stuff, stuff not in boxes or crates, travel trailers, fifth wheels, flatbed trailers (with more stuff), trailer parts and trailer hitches, extra sets of wheels, stacks of tires, a 25 x 40 metal building with 14' walls (filled with more stuff).....

I guess if you guys say it's personal property I should probably just mention it?

 

[Richard Carlsen]

Right but like I said, personal property is only considered in the selling price of a comp. You do not consider significant personal property in the subject because your assignment is to appraise the real property and nothing else - (I'll add "normally" so the parsers don't jump all over me)

 

[CANative]

So the presumption is (or maybe it's an assumption) that if the property owner were to leave and put the property on the market he would take all of this stuff with him?

 

[Mike Boyd]

Sounds like a junk or wrecking yard! Are you sure this wasn't a business opportunity sale?