Unimproved Land in Frederick County

[lhilton]

Does anyone know what the rules are for appraising an unimproved lot , (85 acres!) under USPAP or Md. stae regulations. Can a certified residential appraiser do the job, as the value will be well over $100,000?
Also, what about appraising it as Residential? that is what the order calls for. ( No, I have not taken the job , but it came into our office today)
Just trying to get a heads up before we start.
Thanks for any input
L. Hilton

 

[mike schettig]

It has to be residentially zoned to appraise it as residential property. Just find other unimproved vacant residential lots and adjust accordingly. It will be tough to find 85+/- acre lots of vacant land that are pending sale or have sold recently. Lenders usually will give more in their guidelines because they understand that these properties are few-and-far-between. Make sure there is ingress and egress from the property, I have heard of nightmare stories of not having enough of an easement for driveway access???