Second Lot on VA Purchase

[J Grant]

Give it some thought.

[edit to add...} The OP has told us that there are 2 vacant parcels each having their own H&BU. These are neither surplus nor excess to the improved parcel; these are "merely" separate properties.

They exist as separate properties, but since the assignment condition is the lots value and use when conveyed with the improvement, we have to address that as the subject of assignment. which creates a question about excess or vacant land in relation to the improvement.

There are 8 separate houses on a street, so what? But if two of the houses are conveyed together as a package as subject of appraisal, now the 2 houses now have a value and use relation to each other.

 

[Lee Lansford]

Indeed, assembling and appraising as one can be done - , I said that from my first post in that prior old thread when some kept insisting it "had" to be separate appraisals

But we are appraising for market value, we can't just insert another value name, such as "bulk value" (unless "bulk value " is the definition of value used in appraisal )

Properties conveyed as one "bulk" package - the package may have a MV opinion less than, greater than or lower than the value of any of the properties old separately but it is still MV for the whole -if MV is purpose of assignment ).

The point is that Bulk Value is not Market Value. The one is not other by definition.

 

[Lee Lansford]

I think that is terrible advice. Peer practice and appraisal definitions and legal categories reference a lot be classified as surplus or excess. How that is valued separate or combined is an assignment problem but does not change what physically and legally exists.

IDK what competent reviewer would accept "merely separate " parcels....without stating /analyzing them to be either excess or surplus.

First-off, apply the concepts of Excess and Surplus to the undivided SFR improved parcel. For the OP, in addition to that SFR improved parcel, there are 2 other separate properties. The SFR improved parcel is "the property"; apply your analysis for Excess or Surplus (if either are present) to "the property". This, I understand, you will argue with. I offer these words for others who are following this string.

 

[J Grant]

First-off, apply the concepts of Excess and Surplus to the undivided SFR improved parcel. For the OP, in addition to that SFR improved parcel, there are 2 other separate properties. The SFR improved parcel is "the property"; apply your analysis for Excess or Surplus (if a either are present) to "the property". This, I understand, you will argue with. I offer these words for others who are following this string.

A lie, since my posts address surplus or excess just as you state above and I am not arguing that aspect.

Make your own points without putting me down. You were the one insisting on the first thread it had to be 2 separate appraisals - ..now you have evolved and recognize they can be appraised as one package/assemblage - you offer some good points along with a few duds such as above...142

 

[Lee Lansford]

A lie, since my posts address surplus or excess just as you state above and I am not arguing that aspect.

Make your own points without putting me down. You were the one insisting on the first thread it had to be 2 separate appraisals - ..now you have evolved and recognize they can be appraised as one package/assemblage - you offer some good points along with a few duds such as above...142

Again, I post for others so that they not be misled.

You either misstate or do not understand what I have previously shared, but, that I understand.

 

[J Grant]

The point is that Bulk Value is not Market Value. The one is not other by definition.

What source says that? Please link to where it comes from.

The MV opinion as a $ amount returned from market might be DIFFERENT for a bulk property purchase vs a single property purchase, but I can not recall a prohibition that MV can not be opined for bulk property purchases.

I hardly think a one lot added to a house makes it a bulk purchase, more of a simple assemblage - bulk implies a multitude of properties conveyed together.

 

[J Grant]

Again, I post for others so that they not be misled.

You either misstate or do not understand what I have previously shared, but, that I understand.

Not true but whatever. Most of my posts have nothing to do with you or your posts, except these last few, and If I question anything on your post feel free to answer .

My posts address excess and surplus from first to last post ....

 

[Zoe]

I think that is terrible advice. Peer practice and appraisal definitions and legal categories reference a lot be classified as surplus or excess. How that is valued separate or combined is an assignment problem but does not change what physically and legally exists.

IDK what competent reviewer would accept "merely separate " parcels....without stating /analyzing them to be either excess or surplus.

It's the separate parcels is the key. They each have their own highest and best use. Have to look at H&B use both as if vacant and as improved. Only on Market value opinion.

 

[Zoe]

Lee is right, assemblage can be H&B use. That's fine. Otherwise, you need hypothetical condition and disclose assignment conditions. Market Value is very unique.

 

[Zoe]

From a VA standpoint as client. They grant waivers sometimes. VA is not only client in the world. VA is not responsible for SOW. Appraiser is responsible for SOW.