Posted on: 25th Nov, 2010 11:15 pm
My neighbor wants to appraise 2 vacant parcels in 2 different subdivisions in two different counties. In one of the parcels, she needs a land appraisal completed on a land form. She said she was instructed that she only needed the value on the second parcel on a fair market form. She was told by someone that the Fair Market form didn't require comps or much else. They just needed the value. Does a fair market form really exist?
Hi Jacquet,
I haven't heard of the fair market form. I don't think the letter appraisal will be given due importance these days. It will be better if your neighbor could contact some other appraiser and take his or her opinion in this matter.
Thanks
I haven't heard of the fair market form. I don't think the letter appraisal will be given due importance these days. It will be better if your neighbor could contact some other appraiser and take his or her opinion in this matter.
Thanks
I would ask for clarification on this. "Fair market" refers to the type of value being appraised. Most forms are already set up for estimation of market value. I also don't know of any specific "forms" that do not include comps. Of course, a "form" is not really an appraisal requirement. If the lender just wants a letter informing them of the market value, that is fine. The appraisal process will be the same as the other land appraisal, just a different way of reporting it. Personally, I think it would be just as easy to do both on a standard land form, and probably the same price too.
