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Whatta mess!

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Mike Simpson

Senior Member
Joined
Jan 30, 2002
Got a request for an appraisal on a property that was soon to be subdivided. The request was for the remaining portion of the property after release. I completed the assignment, but now coporate comes back with additional request.

Now they want;

1 Current appraised value
2 Appraised value portion of the property released &
3 Value for the remaining property after release

and an addendum to the original appraisal to satisfy all requirements would be just fine w/them.

#3 was done originally as requested
#1 is easy enough--most properties in this area have an optimal site size; if the site is larger, the value of the excess land tends to decline at an accelerating rate.

But what about #2? This section of the property has been divided into two small parcels. Construction (foundation) has already begun! Would you appraise this section as vacant land? Both sites together or separately?

I don't think this can be addressed adequately in the form of an addendum to the original appraisal. I've a fax out to them for additional information. Any thoughts would be greately appreciated.

-Mike
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama

But what about #2? This section of the property has been divided into two small parcels. Construction (foundation) has already begun! Would you appraise this section as vacant land? Both sites together or separately?
Mike

I think I would appraise as it was the day I inspected it. As for the foundation would it add any value to lot as it was the day you inspected it? I doubt it. In my market it wouldn't. Of course I would have to think on that a bit.

One thing I know for sure is that there looking at additional charges because they have asked for additional work!!
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
1 Current appraised value
2 Appraised value portion of the property released &
3 Value for the remaining property after release

I have run into this before and advised the client they are asking for three appraisals, with three appraisal fees. They usually end up saying, ok, just give us the value of the remaining property that we will have a lein on.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I'm more cynical aout their request. Sounds to me like they want 3 appraisals for the price of one.

How long ago did you do the original?

1 Current appraised value
2 Appraised value portion of the property released &
3 Value for the remaining property after release

#1 - New date - new appraisal (USPAP 2003)
#2 - Different property = new appraisal
#3 - Different property = new appraisal

Hmmmmm, looks like 3 new appraisal orders. Discount as you choose.
 
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