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Proposed taking question

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Tater Salad

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I think I need help.

I have a SFR on a somewhat busy road (2lane) with a proposed taking of the front 2 feet of the lot (currently 105 feet deep). The proposed taking will leave a setback of about 25 feet, still within zoning and similar to other homes on the street (all are affected).

This appraisal is for lending purposes, and I am not competent in assessing the affect of this taking. Other than stating that this will occur (no date set and the owner has not accepted the $ offer, though it will happen anyway), what else must I do? Anything?

Any suggestions are appreciated!
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Don't complicate the issue .. the owner presumably shared with you the amount of the 'taking' offer. Do your appraisal "as of" today .. remark on the probable future taking, and the amount of the taking offer and leave it at that ..
 

Ken in Arkansas

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified General Appraiser
State
Arkansas
One other thought - Your state the purpose of your appraisal is for underwriting a mortgage loan on the property after the taking. Should your appraisal on the residual property (in the after taking state) be less than the market value in the after taking state as estimated by the condemning authority's appraiser, don't be surprised if a copy of your appraisal (and you) doesn't end up in court as supporting evidence of a greater compensation amount.
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Wait a minute, Ken ..

Reread the original post .. I don't see anything in there about an opinion of value of the property "after the taking .."
 

Tater Salad

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I don't believe that the lender is aware of the taking. I knew that the road was being widened and the owner did share the details with me.

The scope was originally for your typical SFR--I just wasn't sure if this taking changed anything. Sometimes, when trying to be thorough, I guess I make things harder than they are. Thanks Airphoto.

Ken, I'm glad you brought up the court thing. I don't want to include more than the lender wants/needs and end up in court for the borrower.

Thank you both for setting me straight.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Sometimes, when trying to be thorough, I guess I make things harder than they are

Get it together, Calotz.
None of the rest of us have EVER been guilty of behaving that way.
:wink: :wink: :lol:
 

Ken in Arkansas

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Airphoto -

You are correct, the original post did not specify whether the appraisal was to be made prior to or after the taking, only that the property was subject to a taking. I ***-U-ME (D) something I shouldn't have.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Better road, not really any loss of utility of the yard, I don't see it as a significant issue.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The only question would be what kind of road is being put in. You say the road is being widened. If you are taking a glorified goat track and making it a 2 lane residential street with curb and gutter, you might well have an enhancement. Conversely, if they are taking 2' off of your client and 2 lanes off of the vacant property across the street to make a 4 lane collector street, you might have a problem. Just a thought.
 

Tater Salad

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I thought about that. There is no published information about the taking that I could find, so I don't know what is happening on the other side of the road. It doesn't appear that there is enough room on the other side to make a 4 laner; maybe a turn lane?

My biggest concern was if this needed to be addressed, for a mtg trans appraisal.

If they come back and ask for that, I guess I'll quote another fee--and try to figure out how to do it :roll:
 
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