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Old 09-22-2017, 07:39 AM
 
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Quote:
Originally Posted by MikeJaquish View Post
The difficulty of appraisal, location, topography, number of pins to find and/or set, difficulty of research, will all impact time/money.
Subdivided off another tract, or raw land with an existing recent survey for reference?

Easements, environment, accessibility. All matter.

Knowing the topography in Asheboro, (I am a Zoo fan) I would think the $2000--$3000 could be low for a comprehensive survey.
But that's just guessing. Like Jack says, calling surveyors for proposals is a better approach.
Survey or appraisal?
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Old 09-22-2017, 07:43 AM
 
Location: Cary, NC
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Quote:
Originally Posted by jackmichigan View Post
Survey or appraisal?
Uh, yup. Thanks. Fixed.
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Old 09-24-2017, 09:29 AM
 
Location: OK
2,765 posts, read 6,846,749 times
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Quote:
Originally Posted by jackmichigan View Post

You may want to ask area appraisers if they give estimates of value which would be less than a full appraisal. Sometimes it's the write-up which is really the costly part. You could also check to see if real estate brokers in the area could provide you with a Comparative Market Analysis.
There is no such thing as an "estimate of value" in an appraiser's world. An appraisal is a process of research, analysis and writing the report. While I do pre-listing/pre-offer appraisals on a shorter form, the research and analysis of the results are the same regardless of the report used. THAT is where most of the time go to, not the writing of the report. Research and analysis can take days for rural properties.
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Old 09-24-2017, 09:31 AM
 
Location: OK
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Quote:
Originally Posted by catlovr8 View Post
What is it about appraising land that makes it so much more expensive? What details are there to look at other than location and what is on the land/what it's being used for?
My work is 99% rural and I don't find a difference between raw land or land with improvements. Takes the same amount of work and time.
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Old 09-24-2017, 09:33 AM
 
Location: OK
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Quote:
Originally Posted by jackmichigan View Post
While the mechanics of conducting an appraisal on land are the same, in my experience the appraisals are more thorough--with extensive photographs, an analysis of "highest and best use", and a fuller narrative (even though much can be boilerplate). To a significant degree, however, I think the price is more based upon simple supply and demand. When appraisers can command higher prices for their appraisals, they charge them. Besides, many of the customers for land appraisals have deeper pockets. I know of one appraiser in my area who charges one particular client about 60% of his normal cost--but this client requires multiple appraisals each year. With a higher volume, the appraiser can afford to charge less per appraisal.
Pure nonsense.

Every single appraisal requires the same due dilligence, same H&BU analysis and everything else.

As a rural appraiser, in my experience rural work takes about (generally) 3 times longer than a cookie cutter in a cookie cutter subdivision. Once I determine the amount of time a certain rural assignment will take I charge accordingly.
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Old 09-24-2017, 02:06 PM
 
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Quote:
Originally Posted by Annemieke Roell View Post
There is no such thing as an "estimate of value" in an appraiser's world. An appraisal is a process of research, analysis and writing the report. While I do pre-listing/pre-offer appraisals on a shorter form, the research and analysis of the results are the same regardless of the report used. THAT is where most of the time go to, not the writing of the report. Research and analysis can take days for rural properties.
If you ask three appraisers to appraise the same large parcel of land, you will most likely get three different opinions of value--so in that sense they are all "estimates" of market value. I oftentimes use "estimate of value" interchangeably with "opinion of value". I wasn't inferring that an appraiser provides a different type of report that is officially called an "Estimate of Value".

It's been several years, but I did have one appraiser who offered to provide his opinion of value for a lesser amount if he didn't have to provide the full narrative that is usually included in an appraisal. Maybe that was unusual, but that's what I based my post upon.
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Old 09-24-2017, 02:59 PM
 
7,639 posts, read 9,540,723 times
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Quote:
Originally Posted by Annemieke Roell View Post
Pure nonsense.

Every single appraisal requires the same due dilligence, same H&BU analysis and everything else.

As a rural appraiser, in my experience rural work takes about (generally) 3 times longer than a cookie cutter in a cookie cutter subdivision. Once I determine the amount of time a certain rural assignment will take I charge accordingly.
I truly don't know where you believe the nonsense lies. Is it in the fact that appraisers may base what they charge upon supply and demand? Or in the fact that an appraiser may charge less per appraisal if there are multiple appraisals involved?

I am sure that you realize that the amount of work involved in every appraisal is not the "same"...so maybe your point simply isn't coming across correctly. A cookie cutter subdivision rarely needs much of a "highest and best use" analysis since rarely would a house in such a subdivision have an H&BU which was other than single family residential. There are many more variables (as you well know) to consider when appraising a parcel of land as opposed to a house in a cookie cutter subdivision. It's due to the complexities of land that appraisers will often have wildly different opinions of value--sometimes even reaching a conclusion which is "pure nonsense".

Since I often work with governmental land acquisitions, I usually need to obtain appraisals for those projects. There was one acreage property that I estimated was worth about $320,000 - $325,000, so I contracted with an extremely well qualified appraiser to do an appraisal. Granted, it was a complicated job to provide an appraised value, due to the soils and wetlands on site, but his opinion of $140,000 was pure nonsense. (And it cost $2,600 to get that opinion!) I then had to hire another appraiser (at an additional cost of $2,800) in the hope that his estimate of value would be more reasonable. Luckily, his opinion of value, after analyzing the same property, was $330,000. That was much more reasonable and the property actually sold in an arms-length transaction--independent of any appraisal--for $325,000.

I realize that appraisers have their role but, when I can, I prefer not to hire appraisers to get their opinions. A bad opinion can be very costly.
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