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Rail Road

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HelenTestin

Sophomore Member
Joined
May 10, 2003
You guys are the best!!! Where are all those easy appraisals that were talked about in class?

Ok, I have a report I am working on where an active rail road runs directly behind the property. The Rail road is just over the property line, about 40 feet from the rear of the house. I have found some others, in different price ranges, that when compared to comparables in there range, came up around $7000- $12000 less than those without the tracks.

What would be a good way to right up this external factor in my addendum? Any advice?

Helen
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just what you said. An analysis of sales indicate that the railroad impacts the subject, estimated at $x.
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
a picture from the back deck to the choo choo would explain alot.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Be sure if you make an adjustment in the grid you also do it in the cost approach.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Well, here I go, the fly in the ointment again.

Aside from the external depreciation, a note of caution- double check that structure!

In homes that are unusually close to heavy freight tracks I have noted from time to time that the poor house was rattled more than it was designed to be. In one instance, a manufactured home sat near the tracks. The house was fine, but the ground wire on the main electric pole was eventually jarred loose and fried the entire electrical system. I just finished an estate valuation on one that a room was trying to separate from the home entirely. First instinct was that the foundation was bad. An inspection by a general contractor revealed the foundation was 'typical and sufficient for a home of that era/construction'. Yes, typical until it sits right next to a minor highway and the freight tracks.

Perhaps a disclosure to the effect of 'appraiser makes no warranty of structure, mechanical, electrical, plumbing...' would be in order. This is a good idea in many homes, but just in case....
 
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