• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Which Advisory Opinion

Status
Not open for further replies.

BRCJR

Thread Starter
Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I cannot get the USPAP link to work for 2008-2009. I am away from office were manual is and would like for someone to tell me which AO addresses the issue of adding land to construction cost or the value of an improvement to the value of a land parcel for the sake of creating a sales comparable.
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
1004c, page 6 of 7, Appraiser's Certification # 8.
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
This is not in any of the AOs. It was addressed in one of the monthly Q&A.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Happend in North Carolina:


XXXXXXX XXXXX (Gastonia)—By consent,
the Board issued a reprimand to XXXXXXXXXXXXX and
ordered him to take courses in sales comparison, a
course in appraising high-end residential properties,
and a course in appraiser liability. If he fails to complete
the courses by September 1, 2007, the reprimand
will be vacated and a three-month suspension
will be activated on that date. Although the Board
did not find that Mr. xxxxxxx had committed any violations
of standards, the Board did allege the following:
that Mr. xxxxxx appraised a property located in
Cramerton, NC in November 2004, finding an appraised
value of $655,000. At the time of the appraisal
the subject property was a proposed two-story brick
custom home containing 4391 square feet and a three
car garage. Mr. xxxxxxxxxxxx used three properties in his
sales comparison approach. None of those properties
were sales that were exposed to the market.
They were all new custom-built homes; the owners
all contracted with a builder to construct a residence
on land they already owned. The “sales prices” stated
in the appraisal report were calculated by adding
the amounts the owners paid for the lots to the
prices charged by the builders when the properties
were constructed. xxxxxxxxx stated in the report
that these three sales were “custom presales,” yet
could have provided further explanation as to how
he derived the information used in the sales comparison
approach. Mr. XXXXXXXX used land/home package
sales as comparables in his sales comparison
approach.
 

Y-TOWN

Junior Member
Joined
Mar 10, 2007
Professional Status
Certified General Appraiser
State
Ohio
We have a CG that has been doing exactly that to create comps in the market on and off for years.

Price paid for the land plus the value indicated by the building permit = the value of that "comp" for comparison to the subject
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks