When you have a vacant lot or are planning to buy one, it can be confusing how it is or will be priced. Compared to estates that have buildings on them, there are clear bases on how they are priced such as the number of rooms, while a vacant lot is just – empty.
Land appraisers are professionals who inspect a vacant area and give their unbiased valuation of the said property based on the current market.
Who usually needs land appraisers?
- Individuals who want to sell their land
- Buyers who want to buy land
- Lenders who will determine if they will grant a loan
The appraisal value of a vacant lot, when used as collateral, can determine if a particular loan is approved or rejected
How our team generally does land appraisals
Vacant lands can be such a hard area to appraise, especially for appraisers who are new in the profession. There are so many things that appraisers need to do when inspecting a land, and it will need many years of experience to guarantee an accurate estimate.
Our appraisers have worked with many clients that need to determine the value of their vacant lot over our years of service. Because of this, we can humbly say that we will be able to provide a precise and accurate report about the value of your area.
Here is what we usually do during land appraisals:
1.Appraisers will do the research
The first thing that our appraisers will do is research based on the data we currently have. We utilize all the necessary tools available, such as maps that contain the info about the geography in that particular area. This is done while waiting for the actual inspection date for us to at least have a general idea of what the land looks like.
2. Appraisers will visit and do the inspection
On the date that the clients set, our appraiser will visit the area to do the inspection. We will take pictures and make notes of what we observed during the process. Depending on the size and condition of the land, we are often done within one or two hours.
3. Appraisers will determine the highest and best use of the land
At this stage, our appraisers will determine and assess the highest and best use of the vacant land. This needs to be done as it can greatly influence how the area will be valued. An example of this is: for vacant lands that are located near residential areas, appraisers can note that it can be used to build a property such as a store can make the land value higher. Of course, this will depend on what the owner will plan to build on the property.
4. Appraisers will compare similar land properties
This is where all the data and info that the appraisers got during the inspection will be utilized. At this stage, we will input all that we have assessed and compare the land to others with the same features and how much they were sold for. We will review and make certain adjustments to ensure that we are getting the accurate computation for the vacant lot.
5.Appraisers will deliver the appraisal report
The appraisal report is the result of all the info collected from the inspection of your vacant lot. From this report, you can see how much your land is worth in the current market.
Get in touch with us
Our real estate appraisers are certified by the Federal Housing Administration (FHA) and are state-qualified. We are aware and constantly follow the Uniform Standards of Professional Appraisal Practice (USPAP) and competency rule during appraisals.
If you need to know the valuation of your land, commercial, or residential estates, give us a call at this number. We would be happy to do business with you.
We are happy to hear from you. Contact us for any of your appraisal needs. From residential to commercial, divorce to estate tax and trust, we do it all.
- Estate tax
Fort Wayne, IN 46803