Wetlands, conservation easements, waivers, and more

[Mztk1]

These land appraisals are some of the most difficult assignments.

I had to appraise a house on an 8 ac tract that is building and has a 2200sf on it and in order to determine land value I used a 2.5 acre tract just down stream that sold for $400,000 in 10/2007. A review appraiser came along and said the value of the lot was $200,000 using a 14 acre tract that was 100% in wetlands and non-buildable for those reasons as well as the deed restrictions it had from a PUD it was located in. To date the client to this day does not care about nuances of the land value and is going with the review.

You need a very good appraiser. I'd look in the phone book for an MAI and ask for their experience in land valuation and easements. Working in the mortgage industry there are just too many of us with a very narrow comfort zone who believe otherwise. The other alternative is a straight talker, with integrity, who would never appraise outside of their capabilities. With Pam living nearby and I'd bet all of the appraisers on this board would be agreement that she is that type of honest professional, she would be a great appraiser to start with.

 

[Michigan CG]

The Appraisal Institute now has people who are recognized (certified?) in wetlands and conservation easements. They had to take a special week long (?) class.

You can find those folks through the appraisal institute www.appraisalinstitute.com.

 

[Terrel L. Shields]

If anyone can help it will be Pam! Sometimes bigger isn't better when it comes to your lender.

And the same goes for Pam...she may be little but she's mighty.

I would aver that if the appraisals vary that much one or more of the 3 are not credible. Send 'em all to the state board and let them sort it out.