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This article is featured in the 2024 edition of the Appraisal Buzz Magazine. Read all these articles and more in the latest edition HERE. Applying each of these tests properly is essential to the valuation process. Order doesnt matter for the first two tests, but its essential for the last two.
In legal disputes, the accurate valuation of real estate can be pivotal, making real estate appraisers key expert witnesses. Scenarios Necessitating Appraisers as Expert Witnesses: Property Disputes : Appraisers are crucial in resolving boundary disagreements, easement issues, or broader disputes over property rights.
Introduction In the world of real estate appraisals, certain properties and situations present unique challenges that go beyond the scope of typical residential or even standard commercial valuations. These properties often feature amenities that are not found in other homes, and these have a significant impact on valuation.
” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” ” Free download: Navigate smoothly through every appraisal assignment with The Valuation Process Road Map. Knowing its limitations makes me a better appraiser.”
In 2007, he started appraising conservation easements, which are specified areas of land earmarked for environmental conservation. Owners with conservation easements can claim an income tax deduction. Conservation easement appraisals are a definite risk for appraisers. They are not easy to do. We all know this is true.
Unusual site (size, shape, terrain, setbacks, easements, deed restrictions, etc.). One-of-a-kind properties (no comps). Non-conforming or illegal use. Significantly damaged improvements. Design (dome, log, etc.). Functional obsolescence. Zoning (highest & best use, grandfathering, etc.). Written by Steven W.
This is the statement in the HUD/FHA ML-2024-07: “This included guidance to improve the established process by which FHA program participants may request an ROV if the initial valuation is lower than expected.” See the last article in this list for more info on Tidewater. Was it the borrower? It was and is controversial.
The canal was owned by the state with an unclear easement for building beyond the rear lot line. My articles discuss how they differ from lender work, the pluses and minuses, and how to market your services. A few of my articles: Should you do non-lender work? Links in article. Columbia, Maryland’s Quirky Street Names.
I have always been a professional appraiser since I started in 1975, trained at an assessor’s office to do what is in this article. By staying informed and considering all relevant factors, you can deliver credible valuations. I was first trained as a scientist, starting with my high school biology class.
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