Revision After Revision After Revision After Revision

[Lisle]

Is the boat slip being counted as real estate or not? Should be discussed on the first submission and credited accordingly. If was credited as real estate, how can it be removed? If not credited as RE, report should say so. The easement could be a significant factor and should definitely be in the report. I would much prefer a revision than have a report deficient of this information floating around for years. I loathe nincompoop rev requests, and I do get plenty of them, but I think both requests are warranted.

 

[Tru Red]

Is the boat slip being counted as real estate or not? Should be discussed on the first submission and credited accordingly. If was credited as real estate, how can it be removed? If not credited as RE, report should say so. The easement could be a significant factor and should definitely be in the report. I would much prefer a revision than have a report deficient of this information floating around for years. I loathe nincompoop rev requests, and I do get plenty of them, but I think both requests are warranted.

Since the beginning of time, the appraisers in this area have included the value of a boat slip on a community pier (typically $30,000 to $50,000) or..... a private dock associated with a lakefront home (typically $50,00 to $100,000). This was the first time I ever had an underwriter question it. I called two other appraisers and they both have had one or two underwriters question it in the past 10 years. They both said they simply removed the value of the boat slip from the report. Now....the lake is actually owned by Pacific Gas & Electric. They also own the rights to allow/approve/add, etc., slips and docks on the lake. P G & E has rules that say to own a dock or slip at Bass Lake one must own a home here. People can and do sell slips and docks on the open market occasionally. In that respect, they are personal property. But the dock/slip is then associated with the home through the county. It's all somewhat complicated around here. When people have a house on the market for sale, typically the first thing a Buyer asks is does it come with a slip. Homes with slips sell for $30,00 to $50,000 more than homes without. It's almost as though you are buying the right to own a slip. Maybe that's where the value is?