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Subject To New Plat Map

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Daniel Dorn

Freshman Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
Montana
I have received a request to complete an assignment "subject to" to a new plat map (41 acres being subdivided into two parcels) being surveyed, subdivided and recorded, however, no work has been completed by surveyors or engineers as of yet. Any insight, suggestions or experience with regard to whether this can be done (and how) on an appraisal would be greatly appreciated. Thank you.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
What is the intended use of the assignment?
What is the condition (improved, not improved, etc.) of the parcel "as is"?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
How are they going to subdivide the property? How do you know where your subject property is going to be located? I would not complete the appraisal until I had the survey or some sort of description of the property.
 

Daniel Dorn

Freshman Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
Montana
Thank you for your response Denis. Intended Use is to determine the subject's current market value (defined herein) based on plans and specs as of the effective date of appraisal as collateral in a mortgage financing transaction. The condition of the subject parcel "as-is" is currently unimproved.
 

Daniel Dorn

Freshman Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
Montana
Thank you for your response RSW. I agree with your post and that was my original thought.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
You need for them to describe in some manner, the land tract to be built on. Then subject to the plat fully anticipating that the final plat may require the report be modified and priced accordingly.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
How are they going to subdivide the property? How do you know where your subject property is going to be located? I would not complete the appraisal until I had the survey or some sort of description of the property.

Agreed, anything else is not supported
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
USPAP 1-2(e) and the comment.

Can't move forward until you can identify the subject property, even if it will be a portion of a larger property.

.
 

Daniel Dorn

Freshman Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
Montana
You need for them to describe in some manner, the land tract to be built on. Then subject to the plat fully anticipating that the final plat may require the report be modified and priced accordingly.
Thank you for your response Terrel.
 

Daniel Dorn

Freshman Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
Montana
USPAP 1-2(e) and the comment.

Can't move forward until you can identify the subject property, even if it will be a portion of a larger property.

.
Thank you for your response and for providing a reference point Marion.
 
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