Suburban or Rural

[Debra]

Suburban or Rural? What are the rules for the answer to this question? I thought that I knew for sure till today...Thanks! Debra :x

 

[Pamela Crowley (Florida)]

We've been through that question a few time already and it's subjective. As a 'general' rule of thumb, I consider the subject, what the market area would be for it, the total % of vacant land in that area and whether there are cattle farms, etc in the area. Basically, if the total vacant land is over 25%, and/or most sites are over 1-2 acres, I call it Rural. This is just a basic of what I do, others determine it differently.

 

[Mountain Man]

Try this posting.
http://www.appraisersforum.com/forums/view...sband+homeowner

Pay close attention to the responce by Kathy in FL. You may or may not want to use it. 8)

 

[vargasteve]

Great question - look forward to hearing reply's.

Check you appraisers dictionary for the word;

Rurban

Might help you describe areas in between the two (sounds like that is what you might have), while still alowing you to check suburban on your neighborhood section of the appraisal.

 

[Judy Whitehead (Florida)]

As mentioned above, it is in the eye of the beholder! (You, that is!) Locally, if you have to drive more than 2-3 miles to the store, doctor, Wally World, etc. and have no city services, i.e. water,sewer and most of the neighbors cannot be seen from your house, then I call it rural. There are little communities, however, with platted subidisivions that are located at least 10 miles or so from town and I typicall consider them suburban, as the true "rural" experience is not felt :roll:

Usually with these little communities there should be a pretty active resale market and I don't have to go more than a mile or two for a comp.

I have heard appraisers say that if there is a house within a mile then they call it suburban. Methinks they are trying to please a lender.

 

[Bemis Pownall]

i use the 7-11, blockbuster test. If neither is around and the closest gas station, hospital or any sort of support service is say 10-20 miles away.
its rural. when its truly rural you know it, hope the car doesnt break down while your out there and fill up the tank before heading out there.

 

[bradellis]

Debra,

There no official rules. It is your call.

Note that some clients insist that rural not appear on the report. Typically, they do so out of not knowing that Fannie will buy them. Fannie will buy them with the proper data in the report.

Brad Ellis, IFA,RAA

 

[Damon Pedersen]

Debra,

I think we discussed this a couple months ago. We decided (unofficially) that if there is no Pizza Hut or Dominoes delivery, then it is rural. If you don't believe me do a search for keyword pizza and you should find it.

Damon

Actually - it is your call. Don't let the underwriter tell you what it is.

 

[andrea dennett]

Great question!!! And great timing. This am had a lender call me on this specific box.

I marked it rural. The subject ground was originally part of a larger farm. Farmer sold of tracts of land for housing after having it rezoned.

The subject is on a "private road" however there are 3-5 of these exact projects within a couple of miles of my subject.

This particular split had 5 sites, all of which sold and two homes are complete. No activity noticed on the other 3 sites.

I marked rural due to being located 9 miles south of city conveniences as noted in previouse posts. Plus the well, septic and wooded acreage site.

Underwriter says if its zoned residential they want it marked suburban. He says their staff appraiser says so too. I told them to send staff appraiser to appraise the home. Their response was that loan originator hired me. Bottom line, is it breaking any rules marking suburban instead of rural? They were fine with this on the orginal report, but I think they want me to change this so that no other documents have to be done and they can slide in a 2nd mortgage for the credit cards and this box is now causing grief.

 

[David S. Roberson]

No water in my area is rural. Period. And if it's rural in your market too, to state otherwise would be misleading.