Second Lot on VA Purchase

[Lee Lansford]

it seems to me we just discussed this recently but i can't find the thread. working on a VA purchase in a Rural area on 1 acre lots. But the current owner had also bought the adjoining lot a few years before he bought the lot with the house. So now he is selling the house and it's lot and the completely unrelated vacant lot next door. The contract says it includes both parcel numbers.

i'm thinking the sale will require two appraisals - one for each separate parcel. but i don't know how VA will feel about that. Any thoughts from the experts out there??

I have not read each and every post in this thread, but, that should be of no importance in responding to your question.

To answer your problem, to provide a single opinion of MV for the two in combination, you would have to have arrived at the market supported conclusion that the H&BU of the vacant parcel is for assemblage with the improved parcel.

That's it.

 

[Lee Lansford]

I have not read each and every post in this thread, but, that should be of no importance in responding to your question.

To answer your problem, to provide a single opinion of MV for the two in combination, you would have to have arrived at the market supported conclusion that the H&BU of the vacant parcel is for assemblage with the improved parcel.

That's it.

I just noticed that I addressed this matter much earlier in this string. Some things just linger on, eh?

BTW, there is one poster in this string who for whatever reason is continuously wrong when addressing this topic. Ignore that poster--it should be evident who I refer to--and all will be well.

 

[Terrel L. Shields]

so that would be based on the hypothetical condition that they are a single parcel?

Why? It a two lot property. Our farm has 7 tax parcels. It's still ONE farm. And it isn't contrary to what exists. It exists and its the way the property sold and is used. Why would you need 2 appraisals? Even if valuing the lot as a separate HBU, there is no reason you cannot have an appraisal with multiple properties. Every agri appraiser deals with it routinely.

 

[J Grant]

I just noticed that I addressed this matter much earlier in this string. Some things just linger on, eh?

BTW, there is one poster in this string who for whatever reason is continuously wrong when addressing this topic. Ignore that poster--it should be evident who I refer to--and all will be well.

Maybe you mean me? That is okay we can differ in opinions...

Note I agree with " to provide a single opinion of MV for the two in combination, you would have to have arrived at the market supported conclusion that the H&BU of the vacant parcel is for assemblage with the improved parcel.", if it is true! ( You evolved from the first thread where you insisted they could not be appraised as one).

Which still leaves the HBU check box of first page as exists yes or no. IT can be checked yes because we are appraising the package - I have been saying that consistently since the original thread. WRT to above, , what support do you present that assemblage is HBU for an excess lot? That would mean the value of vacant lot by itself is worth less than combining it , - or the excess lot is more marketable as assemblage. But what happens when that is not the case? -

 

[Ariba]

Why? It a two lot property. Our farm has 7 tax parcels. It's still ONE farm. And it isn't contrary to what exists. It exists and its the way the property sold and is used. Why would you need 2 appraisals? Even if valuing the lot as a separate HBU, there is no reason you cannot have an appraisal with multiple properties. Every agri appraiser deals with it routinely.

Do you really think VA will guarantee a loan on your property?

Veterans can use the VA home loan to buy a home and land together, but not land alone. The VA home loan is just that—a home loan. This means the VA will only guarantee land that is acquired along with a move-in ready home, or at least plans for immediate construction from a and will require final inspection once complete. If looking to purchase land alone, then private financing must be used first until the property is built.

 

[Terrel L. Shields]

Do you really think VA will guarantee a loan on your property?

Again, the OP describes a two lot property. There is no law forcing a person to build on the second lot is there? I am not a VA appraiser but I trained under one. She boo booed once and included a lot that was across the road. VA won't accept it when it is separated and not contiguous with the primary lot.

Re an earlier post...

More than one parcel or lot may be included as long as all of the property is contiguous and legally marketable. VA does not set a limit on the number of acres that the property may have.

he is selling the house and it's lot and the completely unrelated vacant lot next door.

One can caveat that the adjacent lot is not "completely unrelated" because A- it is contiguous B - it is how the seller is treating it (as one property.)

 

[Ariba]

There is no law forcing a person to build on the second lot is there?

There is if you want a VA guarantee a loan.

 

[KYLECODY]

interesting that it mentions water and sewer. this is a typical private septic system area but the first one i've seen in years that relies on 'hauled water'. What Fun!

West, west Wittmann or New Riverish? I've seen hauled water twice. Not much data but it looks like the market does not like it..

 

[Terrel L. Shields]

There is if you want a VA guarantee a loan.

I'd bet money you are wrong.

 

[CindyR]

West, west Wittmann or New Riverish? I've seen hauled water twice. Not much data but it looks like the market does not like it..

ha ha - newriverish but they took full advantage of the postal rules and reported the address as anthem. my first hauled water but plenty of comps so no problem there