Property without an APN due to non-finaled lot split

[Fishlips]

Assignment is a purchase transaction of a lot and improvements. Subject lot is the result of a lot split not yet final by the county. No APN, no lot dimensions/area, no legal description, no info specific to the subject site separate from the "mother" lot from which it is being split. Client is of no help, title is of no help, agents involved are no help, and the county has nothing to say beyond the fact the split has been applied for, but has yet to be finaled. What is the best way to handle this situation?

 

[shrubberyvaluation]

Assignment is a purchase transaction of a lot and improvements. Subject lot is the result of a lot split not yet final by the county. No APN, no lot dimensions/area, no legal description, no info specific to the subject site separate from the "mother" lot from which it is being split. Client is of no help, title is of no help, agents involved are no help, and the county has nothing to say beyond the fact the split has been applied for, but has yet to be finaled. What is the best way to handle this situation?

I'd probably ask to wait for the split to be final with details of what is being purchased or decline it. Why is someone purchasing something, when they don't even know what that something contains? If they could give you information on what the lot will consist of you can do it based on a hypothetical if you believe it is possible for the split to happen. How can you value something, if you don't know what that something is?

 

[George Hatch]

If the ownership has applied for a lot split then they will have defined it in their application. Your subject is a portion of the main, not the entire main parcel itself. So one way to identify your subject for your report would be to refer to it in those terms: "NWQ of 123 main street (see legal description and assessor map attached). "

 

[alebrewer]

If it's for F/F, you really need to have/know where the lot is. Per the Selling Guide:

Site Analysis​

The appraisal must include the actual size of the site and not a hypothetical portion of the site for the subject property. For example, the appraiser may not appraise only 5 acres of an unsubdivided 40–acre parcel. The appraised value must reflect the entire 40–acre parcel.

 

[Terrel L. Shields]

What is the best way to handle this situation?

Assuming FNMA - call the client and ask them to put you in contact with an underwriter there. Explain the situation and ask how they want it handled.

In my county, I know what the number will be - Say the parent parcel is 18-00212-000, then the new parcel will be 18-00212-001. However that doesn't apply to all counties. In Oklahoma they have 2 numbers a parcel number might be 0000-012-023-023-0-009 but the parcel ID might be 123829....

 

[shrubberyvaluation]

Assuming FNMA - call the client and ask them to put you in contact with an underwriter there. Explain the situation and ask how they want it handled.

In my county, I know what the number will be - Say the parent parcel is 18-00212-000, then the new parcel will be 18-00212-001. However that doesn't apply to all counties. In Oklahoma they have 2 numbers a parcel number might be 0000-012-023-023-0-009 but the parcel ID might be 123829....

I wouldn't be too concered over the parcel number, I just put TBD. Its more important to define the property you are appraising, where it is located and its boundaries. I just can't believe someone would put a contract on a property that they don't know what it will end up being, unless its a relatively inconsequential purchase for them or they feel the price is low enough to be worth the risk.

 

[KHS445]

If application has been made to the County for a split, someone (buyer, seller, agent, surveyor, etc.) has to know the legal description. Obviously, you just haven't found the correct person. I would start with the seller and/or the buyer, then go to the agents after that. In my experience if you are requesting a parcel split the request must include a survey, legal description, etc. The County is not going to approve a split unless they are certain, if approved, the split will not result in an illegal lot.

 

[shrubberyvaluation]

If application has been made to the County for a split, someone (buyer, seller, agent, surveyor, etc.) has to know the legal description. Obviously, you just haven't found the correct person. I would start with the seller and/or the buyer, then go to the agents after that. In my experience if you are requesting a parcel split the request must include a survey, legal description, etc. The County is not going to approve a split unless they are certain, if approved, the split will not result in an illegal lot.

Do you believe the appraiser should be the one hunting this down? I'd prefer to ask my client for the information. Aside from saving time, I think it would also head off any miscommunication between the appraiser and the client on what is being appraised.

 

[Tom D]

Do you believe the appraiser should be the one hunting this down? I'd prefer to ask my client for the information. Aside from saving time, I think it would also head off any miscommunication between the appraiser and the client on what is being appraised.

guess you didn't get the right fee for the extra work you need to do. i have always felt the i am faster than any middle person. you know exactly to ask for what you need. so, the seller has no idea of what & how much is happening? you ask. inform the lender you did. then you sit and wait. giving it back is a pretty good option.
someone will eventually give you that information, if they want it to go to settlement. keep track of asking, like an email, dates, etc.
as the godfather said in the film, 'stop crying and be an appraiser', slap, slap!!!

 

[Dublin ohio]

Assignment is a purchase transaction of a lot and improvements. Subject lot is the result of a lot split not yet final by the county. No APN, no lot dimensions/area, no legal description, no info specific to the subject site separate from the "mother" lot from which it is being split. Client is of no help, title is of no help, agents involved are no help, and the county has nothing to say beyond the fact the split has been applied for, but has yet to be finaled. What is the best way to handle this situation?

No plot plan? How does the builder know where the house is going. Most zoning has setbacks, yard requirements, lot coverage requirements, etc. If the split has been applied for. Where is the paperwork for the split application. You would think that the application would have to delineate the split