Second Lot on VA Purchase

[GWISC]

Carnivore, I used to be on the VA panel. Stopped doing residential for 2 years as I was learning the commercial end. Commercial got slow and I got let go. That is when I went into business for myself. Someday I may look into the VA panel again. Right now, I good with my 3 bank clients. They keep me hopping.

BTW, you just made me realize I forgot to include the exposure time for the additional lot as a stand-alone lot. Darn it! Oh well, I can call the lender and resubmit. Thanks for the reminder.

 

[Zoe]

So you client is not VA? Erase every suggestion I made if that is the case.

H&U is still you! Regardless.

 

[Zoe]

Carnivore, I used to be on the VA panel. Stopped doing residential for 2 years as I was learning the commercial end. Commercial got slow and I got let go. That is when I went into business for myself. Someday I may look into the VA panel again. Right now, I good with my 3 bank clients. They keep me hopping.

BTW, you just made me realize I forgot to include the exposure time for the additional lot as a stand-alone lot. Darn it! Oh well, I can call the lender and resubmit. Thanks for the reminder.

Sorry, thought you were OP.

 

[Zoe]

Carnivore, I used to be on the VA panel. Stopped doing residential for 2 years as I was learning the commercial end. Commercial got slow and I got let go. That is when I went into business for myself. Someday I may look into the VA panel again. Right now, I good with my 3 bank clients. They keep me hopping.

BTW, you just made me realize I forgot to include the exposure time for the additional lot as a stand-alone lot. Darn it! Oh well, I can call the lender and resubmit. Thanks for the reminder.

Yes. I assume you are doing as if sold together vs separate. It doesn't matter. Best protection on H&B use analysis is be very specific. However you are on target.. You need to be very specific on whether you MV opinion is sold together or separate.

 

[Zoe]

Market Value opinion is like the only value opinion that requires H&B use analysis. For all I know outside looking in, the extra lot could have a H&B use that is commercial and be worth more than the house and the lot it sits on.

 

[J Grant]

Carnivore, I used to be on the VA panel. Stopped doing residential for 2 years as I was learning the commercial end. Commercial got slow and I got let go. That is when I went into business for myself. Someday I may look into the VA panel again. Right now, I good with my 3 bank clients. They keep me hopping.

BTW, you just made me realize I forgot to include the exposure time for the additional lot as a stand-alone lot. Darn it! Oh well, I can call the lender and resubmit. Thanks for the reminder.

The assignment is the lot and subject sold/transacted as one package - therefore giving an opinoin of exposure time for the lot alone imo is confusing and possibly misleading ( even though your reason is to be diligent )

 

[J Grant]

Market Value opinion is like the only value opinion that requires H&B use analysis. For all I know outside looking in, the extra lot could have a H&B use that is commercial and be worth more than the house and the lot it sits on.

The assignment is a package property appraisal - the excess lot sold along with the subject as one economic unit. The fact the lot by itself can have a different HBU and value under its separate HBU should be disclosed and explained, but the assignment is not to appraise the excess lot as a stand alone.

The excess lot which under assignment condition is appraised along with the house as one "package" , can have a different contributory value if sold by itself. Just as the house on one lot can have a different value than the house sold along with the adjacent excess lot. But we all need to remember the assignment : to appraise them together.

 

[Zoe]

Op will figure it out.

 

[Zoe]

The assignment is a package property appraisal - the excess lot sold along with the subject as one economic unit. The fact the lot by itself can have a different HBU and value under its separate HBU should be disclosed and explained, but the assignment is not to appraise the excess lot as a stand alone.

The excess lot which under assignment condition is appraised along with the house as one "package" , can have a different contributory value if sold by itself. Just as the house on one lot can have a different value than the house sold along with the adjacent excess lot. But we all need to remember the assignment : to appraise them together.

However, market value dictates H&B use and is tied to MV and is required. You see the issue, right? It can be disclosed that if the vacant lot H&B use is worth $1,million with DOM etc and house and separate lot is worth $200K. That's fine.

 

[Zoe]

They could have separate H&B uses. I don't think VA would care. I would call VA. MV opinion will care based on H&B use.