I would like to request some ideas on the following:
The subject is a remodeled farm house 1384 sq. with 26.917 acres. The subject land is basically steep with less than 4 acres actually usable. The best description would be basically a long ridge with a house, barn and detached 2 car on top and the sides drop off rather steep.
The problem that I am having is that I live in a small community and there has only been 3 comparables sold within the last 12 months.
Comp#1 is 1450 sq. with 19 acres with the same type of terrian.
Comp#2 is 1692 sq. with 21 acres basically same type of terrian.
Comp#3 is 792 sq. with 35 acres basically same type of terrian.
Freddie Mac will not accept the appraisal due to the size of Comp#3 house.
All other sales that I have are either land only sales, which I have a lot of, or acreage that exceeds 50 + acres with larger dwellings and are not comparable.
Is there any way to comp the house and land seperate and come up with a value that would meet the secondary markets requirements.
Has anybody ran into this problem, or does anyone have any solutions?
I would greatly appreciate on answers.
Thanks.
The subject is a remodeled farm house 1384 sq. with 26.917 acres. The subject land is basically steep with less than 4 acres actually usable. The best description would be basically a long ridge with a house, barn and detached 2 car on top and the sides drop off rather steep.
The problem that I am having is that I live in a small community and there has only been 3 comparables sold within the last 12 months.
Comp#1 is 1450 sq. with 19 acres with the same type of terrian.
Comp#2 is 1692 sq. with 21 acres basically same type of terrian.
Comp#3 is 792 sq. with 35 acres basically same type of terrian.
Freddie Mac will not accept the appraisal due to the size of Comp#3 house.
All other sales that I have are either land only sales, which I have a lot of, or acreage that exceeds 50 + acres with larger dwellings and are not comparable.
Is there any way to comp the house and land seperate and come up with a value that would meet the secondary markets requirements.
Has anybody ran into this problem, or does anyone have any solutions?
I would greatly appreciate on answers.
Thanks.