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Unimproved Land in Frederick County

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lhilton

Thread Starter
Sophomore Member
Joined
Feb 15, 2008
Professional Status
Certified Residential Appraiser
State
West Virginia
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

Freshman Member
Joined
Mar 6, 2008
Professional Status
Licensed Appraiser
State
Maryland
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???
 
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