Questions about outbuilding value

[Zoe]

Yes, absolutely. This is horse country and the expectation is to use it as such for most buyers.

I'm on your side. I have explained the approach I would take. You need to talk with your buyer on what I have shared with you. Send me a Christmas card. LOL

That banker has a vet on hook. They will do everything they can to keep this vet.

 

[brokenokie]

I'm on your side. I have explained the approach I would take. You need to talk with your buyer on what I have shared with you. Send me a Christmas card. LOL

I greatly appreciate the advice, and an sincerely thankful.

Honestly, the nuances in this industry are very interesting. I'm a year away from a Navy retirement and have been trying to figure out what's next. Appraiser is now on my list to look into!

 

[Zoe]

I greatly appreciate the advice, and an sincerely thankful.

Honestly, the nuances in this industry are very interesting. I'm a year away from a Navy retirement and have been trying to figure out what's next. Appraiser is now on my list to look into!

Thank you for your service. I am being sincere.

 

[Zoe]

 

[Tim Hicks (Texas)]

The majority of pole barns and out buildings in my area sit empty. How do you figure out the contributory value of an empty outbuilding? Some can make the case that it isn't worth much,

Empty for one owner may not be empty for another. Whether they are being used is irrelevant. If you don't use your pool, but you maintain it, it still has value.

 

[AppraisingLA123]

A clueless comment, to be sure. So a property can’t sell at market value for cash without an appraisal? Competent appraisers can meet the challenge, even when data is limited. What appraisal regulation suggests that if a seller did not have a pre listing appraisal done, the appraiser for lhe lender is allowed to do a half-azzed job?

Again so you understand have an appraisal ready when selling a house. Instead of last minute sitting there and tryging to determine the contributory value an outbuilding, you have it, and its based not on your opinion but an appraiser. No appraiser wants a reconsideration of value because the value came in low for an outbuilding. I would sugguest you reread your comments before posting, so that its more coherent. The OP said the appraiser used great comparables, thats not cutting corners, or impcompetent.

 

[brokenokie]

Again so you understand have an appraisal ready when selling a house. Instead of last minute sitting there and tryging to determine the contributory value an outbuilding, you have it, and its based not on your opinion but an appraiser. No appraiser wants a reconsideration of value because the value came in low for an outbuilding. I would sugguest you reread your comments before posting, so that its more coherent. The OP said the appraiser used great comparables, thats not cutting corners, or impcompetent.

I guess at this point I can retract that part of my original statement. I just sent the appraisal report to another appraiser who found much better comps in 5 min... Now I'm feeling a bit undercut by the fact that the appraiser walked the property with the buyers agent and not on his own...

 

[Appraisal Solutions]

Hi all, and thank you in advance for your time. I am currently contracted to sell our farm, and unfortunately the appraisal came in lower than the contract price. After reviewing the appraisal report, it appears to me that the appraiser found great comparables, as I expect this can be difficult in rural areas.

Where I'm confused and feel like I should respond in some way, is that the appraiser only gave a 20k adjustment for the outbuildings on the property. Said outbuildings include a 100'x30' 9 stall horse barn with 2 garage bays, an office, hot water, and electricity and a 30'x40' metal quonset hut in like new condition. There are a few other sheds on the property as well, but they are small enough to likely be ignored.

I recognize that I'm not at all an expert, so I'm here to gain further understanding, and maybe learn how to to respond in my ROV without coming off offensively or like a know it all civilian. The appraisers notes say that the outbuildings were not given much value because of their poor condition, but as I stated, the quonset hut is like new and the horse barn is cinder block construction and in perfectly useable condition. These are significant selling points for the property.

Please forgive me if I'm asking a dumb question!

I haven’t read thru the thread so this may have already been said/covered. In my area a “horse property” has special meaning in the market. It is very important to compare a legit “horse property” to other horse properties and not just similar homes on similar acreage with outbuildings and no adjustments for the horse property utility.

 

[TerryRohrer]

Again so you understand have an appraisal ready when selling a house. Instead of last minute sitting there and tryging to determine the contributory value an outbuilding, you have it, and its based not on your opinion but an appraiser. No appraiser wants a reconsideration of value because the value came in low for an outbuilding. I would sugguest you reread your comments before posting, so that its more coherent. The OP said the appraiser used great comparables, thats not cutting corners, or impcompetent.

Yeah, an appraisal of a property with large outbuildings that are not addressed in the comps or commentary. It is not like an appraiser would expect someone to challenge that.

 

[AppraisingLA123]

I guess at this point I can retract that part of my original statement. I just sent the appraisal report to another appraiser who found much better comps in 5 min... Now I'm feeling a bit undercut by the fact that the appraiser walked the property with the buyers agent and not on his own...

i see, you can use those better comps in the ROV. The buyers agent could have influenced the appraiser. You don't have to sell the property at the appraised value. It would be very useful to look at active listings in the neighborhood, if there are no similar active listings, then don't budge, and neogitate hard. That's why i always recommend people to order a prelisting appraisal.

Regarding your interest in becoming an appraiser, i don't want to discourage you, but there are significant barriers to entry, its not like beocming a real estate agent, and it takes time to become profecient.