ross
Freshman Member
- Joined
- Jan 18, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Folks,
Need your feedback, I don't get a lot of requests like this and I am trying to improve my report writing skills. Contract price $600,000.... 3500+ SqFt. custom house with equestrian facility (horse farm) on 24.85 acres. Lender wants appraisal with home and 5 acres. They want to make sure the land is not overvalued. There are plenty of comps supporting just the home and 5 acres within a 15-20 mile radius, but only 1 or 2 within a 5 mile radius
How do I best explain this by putting the excess value of land ( using the hypothetical protocol) in the addendum?
I know this is probably rudimentary for some folks, but I am still trying to learn more about it.
Thanks for your input!!
Dan
Need your feedback, I don't get a lot of requests like this and I am trying to improve my report writing skills. Contract price $600,000.... 3500+ SqFt. custom house with equestrian facility (horse farm) on 24.85 acres. Lender wants appraisal with home and 5 acres. They want to make sure the land is not overvalued. There are plenty of comps supporting just the home and 5 acres within a 15-20 mile radius, but only 1 or 2 within a 5 mile radius
How do I best explain this by putting the excess value of land ( using the hypothetical protocol) in the addendum?
I know this is probably rudimentary for some folks, but I am still trying to learn more about it.
Thanks for your input!!
Dan