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Susie Seibert

Thread Starter
Junior Member
Joined
Mar 22, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
Hi there,

I'm appraising a property with a site that is irregularly shaped and no one has
the dimensions for. I talked with the township assessor, looked through the county maps, and the legal description is "all that property lying south of the creek in such and such a corner of such and such a section"...

Our equalization office has a mapping program that a gal there used to estimate a site size. I've included all the details as I've briefly described them above in the report.

What do you think? I've never had such little info before. This is an FHA appraisal.

Your comments are appreciated as always.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
If no data source can give you a credible size of the site, I don't see how you can complete an appraisal report that reports any credible results. Tell the lender/client that any appraisal cannot be completed until you are furnished with a survey. What if you think the site is 1 acre, but but it is really 2 acres or a 1/2 acre....in my area, the market values would be greatly different. Especially on a FHA appraisal, you are begging for trouble if you do the appraisal without a survey in this case.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
A section equals 640 acres, therefore a quarter section is 160 acres a quarter of a quarter is 40 acres. Now where is the creek in relation to the 40 acre quarter section?

If you run the legal description you should be able to get into the ballpark. Then just disclose and use an extraordinary assumption.
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Yep, you don't have to give an a dimension when there are none to be had. Unless of course the owner wants to get a survey completed. Since noone can't give you the dimensions I would definitely verify through the legal, if possible as has been suggested. Just say the property is x acres or x.x acres for the dimension, x sqft for the area. And then under your site comments, explain, explain, explain, and suggest that if it's a problem for the lender that they get a survey conducted. But leave that open ended for them to decide unless we misread you and you don't even know how big the site is.
 

Susie Seibert

Thread Starter
Junior Member
Joined
Mar 22, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
thanks for the imput everyone
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
I have no idea what the FHA requires, but most lenders require a survey as one of the items to close a loan. Another option is to go to the building and/or planning department and see if a survey is on file. Sometimes lot size is noted on certain documents, such as deeds, building permits, or tax bills (not necessarily the most accurate, but better than nothing).
 

Jim Buckner

Sophomore Member
Joined
Dec 30, 2004
Professional Status
Certified General Appraiser
State
Arkansas
Make your best estimate of the site dimensions and fully explain in the report how they were determined. Indicate in BOLD letters that your site dimensions are estimates and that if the results of a survey are different then your value would be subject to change. Within the report I would recommend that a survey be obtained to verify site dimensions and overall site area.

We give it our best shot on the information available and let the client know when we have had to make reasonable estimates to arrive at a conclusion to the problem at hand.
 
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