What makes a property atypical

Keep in mind that what is considered complex in one market might not be considered complex in another market. For example:. In this case, circumstances involving ownership are uncommon or make the appraisal more complex. Complex property appraisals can be both challenging and profitable for the residential appraiser.

You must be logged in to post a comment. The coronavirus pandemic forced appraisers to quickly adapt, and we had to tackle a. This new year is full of new possibilities and endless hope for our future. The Biden Administration promises changes almost immediately, so how will the. Please note: This action will also remove this member from your connections and send a report to the site admin. Please allow a few minutes for this process to complete. About WordPress.

No products in the cart. Search for:. Sign in Sign up. Depending on the nature of the property, you might even have to look out of state for comps. You may also want to enlist the help of other professionals with more experience. Take our highly-rated course, Complex Properties: The Odd Side of Appraisal , to dive into a variety of unique property appraisals.

When completing your appraisal, you must be consistent when calculating and reporting the finished above-grade room count and the square feet of above-grade gross living area. For consistency in the sales comparison analysis, you should compare above-grade areas to above-grade areas and below-grade areas to below-grade areas. You may need to deviate from this approach if the style of the subject property—or any of the comparables—does not lend itself to such comparisons.

For example, a property built into the side of a hill may require the gross living area to include both levels if: the lower level is significantly out of the ground, the interior finish is equal throughout the house, and the local market accepts the flow and function of the layout. But in such instances, you must be consistent in your analysis throughout the appraisal and explain the reason for the deviation, clearly describing the comparisons.

Loans on these types of properties are eligible for delivery to Fannie Mae, provided you have adequate information to develop a reliable opinion of market value and the property meets other eligibility requirements.

Fannie Mae does not have minimum requirements for size, width, roof pitch, or any other specific construction detail for modular homes and factory-built homes. Because quality can account for differences in the values of factory-built homes, it is essential that you become familiar with the features that affect the quality of a factory-built home so that you can include the information in your appraisal report, if needed, to support your opinion of value.

The process of selecting comparable sales for factory-built housing is the same as that for selecting comps for site-built housing. Fannie Mae requires you to address both the marketability and comparability of factory-built housing. When the subject property is panelized, comparable sales do not have to be the same type of factory-built housing.

Finally, particularly because of these two previous risks, some owners mentioned that they had to face an accumulation of costs: marketing, advertising, brokers, etc. A real estate broker is an important ally when selling or buying a home, and this is even truer when the property has features that can make its sale more complex. Your broker has a very thorough knowledge of the neighborhood, potential buyers and what works to attract them, and can thus highlight the good qualities and potential of your property.

At Via Capitale, brokers can also help you develop innovative strategies to quickly find the ideal buyer. The administration requires that he determine this value by reference to recent transfer prices of similar properties in the area. But how can you use this comparative method when you own an atypical house? In , M. This copy was built on the edge of the Bois de Vincennes, for the International Colonial Exhibition of