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Old 09-30-2010, 11:15 AM
 
175 posts, read 731,975 times
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What are all the factors that influence an appraisal.

Just to help explain I have a farm surrounded by neighborhoods-very different neighborhoods. My next door neighbors include a mobile home, Modest $120-170,000 ranch style homes, high end $300-400,000 (that particular neighborhood sell for the most $ per sq ft in my county) These are literally my next door neighbors, just imagine all the differences you can find a mile out-the country club, duplexes, mobile home parks, everything!

I am not appraising the entire farm, just the house on 1 acre-which is still a huge lot compared to the neighborhood lots.

I know they look at what similar homes sell for but what constitutes as similar? I technically have an apx. 3000 sq ft. 3 bedroom 3 1/2 bath home circa 1900. It also has 3 gas fireplaces, granite, ss kitchen appliances, walls are double insulated, new windows, pex plumbing, geothermal and central air and heat, etc...What all do they add value for?

There aren't houses like mine that sell regularly. Will it be compared to a new home or an older home? It is an historic home that was gutted and turned into a new home over the past 3 years.

Just curious on what to expect?
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Old 09-30-2010, 12:45 PM
 
Location: OK
2,825 posts, read 7,241,469 times
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Your house should be compared to other houses with similar amenities. If there are no such sales in your immediate area the appraiser should go to competing markets.

Sorry I can't be more precise .... it is hard to do when you are not familiar with the property and don't know where it is located.
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Old 09-30-2010, 01:04 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 21,435,723 times
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Sounds at least a bit similar to my area without the country club. I recently did a Brokers Price Opinion for a company and after I submitted it, they told me I had to range farther afield and increase the ranges of square footage and bedrooms. So I went out to the entire county (about 105 square miles) and even with the increases, the only comparable was the subject home itself!

It's a tough job for an appraiser to make the subjective judgments necessary to do an appraisal on "rural" properties. They try to find the most similar properties they can as close as they can find to the subject property. If nothing compares, they expand the circle until they can find something that comes at least close and then make adjustments as necessary.
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Old 10-01-2010, 05:18 AM
 
Location: MID ATLANTIC
8,458 posts, read 21,865,937 times
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You don't say much about the house on the farm and that leads me to imagine it's an older, stereotypical farmhouse (white, probably cape cod, cellar). It needs to be compared to similar homes in the area, not the homes you describe adjacent to your home. Look around for sales of other farmhouses that have sold in your county to get a better idea.
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Old 10-01-2010, 10:13 AM
 
175 posts, read 731,975 times
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It is a vernacular farm house-very typical of the era it was built. However, it has been completely gutted and remodeled inside. For instance when my family bought the house it didn't have indoor plumbing. Now it has a very nice kitchen and 3 and 1/2 baths. It has 3 gas fireplaces-cut down from 5 original wood burning fire places.

The bank is making me title the house seperate from the land- If I still have to compare it to other farm houses this is not good for me. Not only are Farm houses not typically restored to the state my house is currently in. I will also have to pay double taxes because it looks like I now have 2 pieces of property instead of one. The bank is making me do this so we will be able to find comp houses for the appraisal.

Do appraisors look for upgrades-granite, stainless steel, furniture style sinks, jacuzzi tub?

Do they look for maintance-new roof, new windows, insulation, cental air and heat?

Do they look for features-curved stair case, 3 fireplaces, brazilian cherry floors?

Do they just look for 3 bedroom 3 1/2 bath apx 3000 sq feet homes?

Last edited by lmabernathy; 10-01-2010 at 10:28 AM..
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Old 10-03-2010, 07:40 AM
 
Location: OK
2,825 posts, read 7,241,469 times
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Quote:
Originally Posted by lmabernathy View Post
It is a vernacular farm house-very typical of the era it was built. However, it has been completely gutted and remodeled inside. For instance when my family bought the house it didn't have indoor plumbing. Now it has a very nice kitchen and 3 and 1/2 baths. It has 3 gas fireplaces-cut down from 5 original wood burning fire places.

The bank is making me title the house seperate from the land- If I still have to compare it to other farm houses this is not good for me. Not only are Farm houses not typically restored to the state my house is currently in. I will also have to pay double taxes because it looks like I now have 2 pieces of property instead of one. The bank is making me do this so we will be able to find comp houses for the appraisal.

Do appraisors look for upgrades-granite, stainless steel, furniture style sinks, jacuzzi tub?

Do they look for maintance-new roof, new windows, insulation, cental air and heat?

Do they look for features-curved stair case, 3 fireplaces, brazilian cherry floors?

Do they just look for 3 bedroom 3 1/2 bath apx 3000 sq feet homes?
Comparing your house without the acreage to another house with any acreage is, in my opinion, misleading because you would be comparing apples to chevrolets by not comparing your house to a similar house.

Any sales on a regular lot would appeal to a different market.

Where are you located?
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Old 10-03-2010, 08:02 AM
 
8,886 posts, read 7,805,347 times
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Here in the PNW, they look at recent sales in the vicinity for comparable SF (house & lot), #bedrooms and baths, how old the roof, appliances, and general appearance. The Realtor will also use their judgment, based on their experience.

Find an agent familiar with your territory that you trust.
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Old 10-03-2010, 12:14 PM
 
Location: OK
2,825 posts, read 7,241,469 times
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Quote:
Originally Posted by LookinForMayberry View Post
Here in the PNW, they look at recent sales in the vicinity for comparable SF (house & lot), #bedrooms and baths, how old the roof, appliances, and general appearance. The Realtor will also use their judgment, based on their experience.

Find an agent familiar with your territory that you trust.
What you described is standard appraisal procedure. However, when you are dealing with a Subject that is unusual it becomes a challenge and the standard procedures don't necessarily work.
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