Rural Residential Training?

[IlliniApp]

Don't get hung up on distance of sales or adjustment ranges.

That's huge.

 

[Mark K]

Don't be surprised when dwelling constitutes only 10-25% of the total value or when the net and gross adjustments exceed any number you've encountered to date.

 

[Dublin ohio]

Don't be surprised when dwelling constitutes only 10-25% of the total value or when the net and gross adjustments exceed any number you've encountered to date.

Just finished one up a couple of weeks ago. Had line item adjustment of 20%. Nets over 25%, Gross over 42%. Not one question from lender

 

[Tom D]

nothing is hard to learn if you have enough data. inner city, or rural, you can mess it up being a lazy appraiser. you just have to put in extra time now on those new area appraisals to be sure you have the answer for any question asked.

 

[Dublin ohio]

nothing is hard to learn if you have enough data.

Which is one of the issues when doing rural. Data is limited and sometimes sketchy. Rural properties usually have a number of "moving parts" not common in urban or rural properties. Figuring out those "moving parts" with limited data is one of the difficulties in doing rural

 

[shrubberyvaluation]

Just finished one up a couple of weeks ago. Had line item adjustment of 20%. Nets over 25%, Gross over 42%. Not one question from lender

I don't like the percentages, its similar to PPSF. If the land has almost no value adjustments will be a higher percentage than if the dwelling has little value compared to the land (assuming no large site adjustments)

 

[Dublin ohio]

I don't like the percentages, its similar to PPSF. If the land has almost no value adjustments will be a higher percentage than if the dwelling has little value compared to the land (assuming no large site adjustments)

The percentages are what they are. 25 ac subject site. So there were large site adjustments due to lack of sales with similar acreage. Had to use a 2+ year old sale to get a similar property. Had to make a $100k+ location adjustment on the only sale with similar acreage that sold within the past year (well supported by improved sales and vacant land sales). It was what it was. The lender this was for is a stickler. Only 3 appraisers on their panel in a 6 county area that includes a major metro area. Most appraisers don't like to work for them because they are so strict. But they are just as strict on the borrower side

 

[Terrel L. Shields]

Land is valued as if vacant and available for its highest and best use. So site adjustments should be dollar for dollar.....always.

 

[Tom D]

ghetto appraising is just like rural appraising, but mostly a lot of no land value. but not knowing the boundries, or value crossing lines, will give you the wrong value. any burban appraiser driving an hour to do big city shouldn't be doing big city. i admire rural appraisers, much harder, and more, time spent than doing my little row homes. but the mistakes made can be big either way in an appraiser's life.