Where To Report Land Analysis In A Form Report ?

[ZZGAMAZZ]

Where in a residential SFR form report do peers report results of an analysis of vacant land needed to create credible results?

I rely upon an Excel worksheet similar to the SCA grid where adjusted values for each pertinent parcel used are analyzed to determine a $/sqft that subsequently is applied to the subject--especially if a relatively significant portion of its lot is determined to be excess--that is copy/pasted or snipped/pasted into the SCA addendum, although it's frustrating to turn right around and explain why the land value isn't reported in the cost approach narrative, as per the form report template. (Not to mention the impact on ACI performance when Excel is added even if the formatting and formulas are very basic.) Regards.

 

[Terrel L. Shields]

rely upon an Excel worksheet similar to the SCA grid where adjusted values for each pertinent parcel

Cut and paste your results...If you are using Excel post 2003, should be able to highlight the Excel grid, "Copy" "as bitmap" or "as picture" then paste into a blank addendum sheet.

 

[Vermonter]

I don't put my land comp sheet in the report, but in the workfile. A basic list of land comps and a short explanation goes in the cost approach field. If further explanation is necessary, I put it in the addendum.

 

[Riick]

Unless you think "showing your work" adds credence to your report,
it's sufficient to say in an addendum, or comments on Page 3:
The appraiser has analyzed zzz years of (MLS/Public) land sale data, which showed _________________ ,

 

[ZZGAMAZZ]

Post#4: Sir, you appear to imply that only those who aren't confident that the results of their due diligence are comprehensive and appropriate would be inclined--or compelled by insecurity--to provide more than the absolute results, but to do so would IMO fail to fulfill the definition of "reporting" the results of what had been developed. The market analysis of the most recent report required about 8 hours of research, analysis, and reporting--although I'm unable to conceptualize why the market is of any concern to an intended user, because environmental circumstances that lead up to the "as is" opinion of value on the effective date have no bearing on the opinion of value because they are exposure-based with absolutely no correlation to what might happen beginning at 12;01 a.m. the day following the effective date of a report. And if I were the intended user of an appraisal report, I wouldn't trust anything anybody said lessen they showed their work. Old school perspective perhaps.

 

[Mike Garrett RAA]

Since the VA doesn't require a cost approach I don't do a land value or need to support it. Gee, another fine reason to do VA appraisals.

 

[Terrel L. Shields]

Unless you think "showing your work" adds credence to your report,
it's sufficient to say in an addendum, or comments on Page 3:
The appraiser has analyzed zzz years of (MLS/Public) land sale data, which showed _________________ ,

Don't try that in Arkansas if you don't want a sanction

Old school perspective perhaps.

Common sense - "stating" the results is not sufficient to meet the test of USPAP. You must develop an "opinion of site value by an appropriate method or technique" - "arm waving" doesn't count.

 

[Vermonter]

Post#4: Sir, you appear to imply that only those who aren't confident that the results of their due diligence are comprehensive and appropriate would be inclined--or compelled by insecurity--to provide more than the absolute results, but to do so would IMO fail to fulfill the definition of "reporting" the results of what had been developed. The market analysis of the most recent report required about 8 hours of research, analysis, and reporting--although I'm unable to conceptualize why the market is of any concern to an intended user, because environmental circumstances that lead up to the "as is" opinion of value on the effective date have no bearing on the opinion of value because they are exposure-based with absolutely no correlation to what might happen beginning at 12;01 a.m. the day following the effective date of a report. And if I were the intended user of an appraisal report, I wouldn't trust anything anybody said lessen they showed their work. Old school perspective perhaps.

But it would fulfill the definition of "reporting" the summary of the results.

Granted, I've seen some extremely poor summaries relating to the opinion of site value, but it doesn't take a page of spreadsheets and gridded land comps in the report to get the point across.

 

[Terrel L. Shields]

Granted, I've seen some extremely poor summaries relating to the opinion of site value, but it doesn't take a page of spreadsheets and gridded land comps in the report to get the point across.

But how else do you comply with USPAP's demand that you develop an "opinion of site value by an appropriate method or technique" How do you demonstrate that you applied an "appropriate method"? You can state the sales, argue the sales, do a land extraction, etc. but without saying exactly what you did, the simple grid summarizes the method fairly well...comparable land sales.

 

[Mike Garrett RAA]

Consider approaches to value, determine which applies, and report that.