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Value house and 5 acres of an 80 acre parcel

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rwp400

Thread Starter
Freshman Member
Joined
Feb 18, 2007
Professional Status
Certified Residential Appraiser
State
Nebraska
Is it acceptable to value the house and 5 acres of an 80 acre tract? If this can be done what issues should I be aware of in completeing this assignment? The first issue I can think of is that it must be legal to split off the house and five acres but does thid need to be done as a condition of the appraisal?

Thanks for your help in advance.

Randy
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Mr. Randy,

Got your popcorn handy? Dude, search the forum for this one. Try the "Search" thing on the tool bar of the forum.

http://appraisersforum.com/showthread.php?t=121011&highlight=classic+acre

http://appraisersforum.com/showthread.php?t=106224&highlight=classic+acres

http://appraisersforum.com/showthread.php?t=134160&highlight=acre+appraisal

Webbed.

P.S. You can read threads on this until the middle of next week... What is your SOW? Fannie will NOT allow such a SOW! Both of your questions CANNOT be properly answered unless you fully tell us the SOW, intended use, intended user..... And honestly, it's sorta ticking me off that so many certified appraisers are posting questions on the forum without understanding they MUST tell us the entire SOW in order to answer their bloody questions!

Has there been more than 5% of appraisers across this country actually bother to study and understand SOW issues? It's no wonder so many of you all need forum assistance. You all know that YOU can't answer any prospective client that presents a murky SOW to you..... Why do you expect US to be able to answer you with no SOW information? We are supposed to help with "Urgent" questions without knowing anything about the assignment SOW unless we guess what it might be?
 
Last edited:

Tim Schneider

Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Some questions amaze me every day. And I bet the poster has been appraising for years.
 
Last edited:

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Some questions amaze me every day. And I bet the poster has been appraising for years.

Mr. Schneider,

It's not that every person does not know all answers. Nuts, nobody can!... But especially once a person is certified, they should at least know how to ask the questions and what is needed when a question is asked. If a person can't do that, there is no way they are remotely ready for any complex assignment allowed by the certification.

Webbed.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Is it acceptable to value the house and 5 acres of an 80 acre tract?

Yes, depending on the SOW. No, depending on the SOW.

If this can be done what issues should I be aware of in completeing this assignment?

The specific issues that need considering ALL depend on the SOW.

The first issue I can think of is that it must be legal to split off the house and five acres but does thid need to be done as a condition of the appraisal?

No, that is incorrect. Depending on the SOW it does not have to be legal to split off the five acres. The assignment must result in credible results for the purpose, remember? Some intended uses may not require for it to be currently legal to split off, others may. No, depending on the SOW the appraisal does not have to condition anything!

Thanks for your help in advance.

Randy

Yer velcome! How's that for an urgent answer? .. ;)

Webbed.
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Web,
I wonder if defining the subject as only five acres is a hypothetical condition? :rof:
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Real quick. If you are doing it for a bank and it is going to be portfolioed, you can, with a good SOW that CYA. Specifically that the improvements are on the 5 acres. If it's going to be sold on the secondary market, you have to have a survey showing the 5 acres.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The only time I've done one of these for a lender was when a homeowner wanted to do a boundary line adjustment making his lot smaller and his neighbors lot larger (presumably for $$). The lender needed to know the market value of the collateral at the smaller size before they would sign off on the BLA.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
And then there's the classic question - Which 5 acres?
As Always, I prefer the Tic-Tac-Toe pattern
80 acre -perfect square- parcel -- Each "X" represents 1 acre:

X ~~~~~ X
~~~~~~~~
~~~X~~~
~~~~~~~~
X ~~~~~ X
 
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