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Two homes, one site

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joelfallin

Thread Starter
Freshman Member
Joined
Mar 28, 2007
Professional Status
Licensed Appraiser
State
Wisconsin
I am facing an order that I just went to that has two homes on one site (rural, 5 acres). How do I deal with the "extra" home. It is not a rental, it was built basically as a detached mother in law suite. but it is 1120 sq ft, full basement, stick built two years ago, etc.... so not just a shack with no value.
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
If it has a seperate address I would appraise it as a two family. If not a one family with an accessory unit but that depends on what the deed says also check your local zoning laws in the city that the property is being appraised in.
 
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CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
If it has a seperate address I would appraise it as a two family. If not a one family with an accessory unit but that depends on what the deed says also check your local zoning laws in the city that the property is being appraised in.

The posted address has nothing to do with how many legal units there are. The first step is always to check with the city or county as to what the zoing is and what the permits indicate. If it is a legal second unit or guest house, it should say so on the permits.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
If it has a seperate address I would appraise it as a two family. If not a one family with an accessory unit but that depends on what the deed says also check your local zoning laws in the city that the property is being appraised in.

If by "appraise it as a two family" you mean consider it a residential income property I would probably disagree. How many investors buy 5 acre properties for their ability to generate income?

Joel... If you've never had an assignment like this and no one is available to help you at the local level (prior supervisor or a colleague with experience in this property type) you should probably withdraw from the assignment. If it's a Fannie-type deal you have to sign a certification stating you have experience with the property type in that particular market.

Personally, I would think this is more like a 5 acre property with a single family residence and an accessory dwelling unit. The best method would be to find sales of similar properties.

Are you anywhere near Ray Miller?
 

joelfallin

Thread Starter
Freshman Member
Joined
Mar 28, 2007
Professional Status
Licensed Appraiser
State
Wisconsin
I do have a certified appriaser that has been my supervisor that I am consulting. I just wanted to get the vibe on here.

I still have to double check zoning, but I am sure that it is not multi family. I will check on the permits as well.

I am kind of near Ray Miller. If you read this Ray, feel free to respond. It looks like I will be appraising a home that has an additional accessory building. I also have a copy of a previous appraisal and that is how it was done on there, but as we all know, previous appraisals are not always a solid source!

Thanks for the input!
 

lmichels

Sophomore Member
Joined
Feb 15, 2007
Professional Status
Certified Residential Appraiser
State
Washington
This is why the new Fannie Mae form has a check box for "accessory dwelling unit". Fannie Mae lists several examples of accessory dwelling units, including mother in-law apt, guest house, etc. Check with your zoning authority about their definition of accessory dwelling unit. If they agree that that's what you've got, it's fairly easy. Put it on the single family for and adjust for the accessory dwelling unit in the fence/pool grid or the functional utility grid, or something like that. In our area, you can even search MLS for properties with accessory dwelling units.
 
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