How do You find the value of a Property in a Rural area.?

Question

I need to know how much a property is worth, I have tried to get comps from several appraisers and they all said there are no comps. I have a previous appraisal, but the property values around the county have dropped dramatecaly (stanilaus county) In conclusion does any one know how to obtain information or is there some appraiser out there that has or knows what steps to take to find the value of a property that is located in a rural area where the nearest comps are over 5 miles away and do not have the same land square footage

I have tried to hire appraisers, but they just cannot do it. I am willing to pay for their services. I have a house with almost 10 acres, I need to find the value either sell or refinance. The agents, loan officers, title & escrow, lenders, and appraisers do not have a clue on what or how I can find the current value of the property.

Answer 1

What you are encountering are appraisers who do not feel that any comps they provide will be accepted by a lender who wishes to see comps for your property. I've encountered this recently, for an approximately $350K geodesic dome out in the country. No one was willing to take a shot at it, simply because they felt that no comps were actually 'comparable' to the property in question.

In a situation like yours, you may have to engage the services of more than one appraiser, who will work diligently to find ways to justify the value of your property to the lender. It may not be easy. Lenders always have the right to reject any appraisal if they do not feel it properly represents actual market value of the property in question.

Answer 2

We still have a 6,000 sq ft brick mansion in a rural area on 7 acres and I still was able to comp it. Try to track down the best Realtor in the area that specializes in properties like this from ads in the paper, real estate magazines or the internet for a backwards CMA or referral to a reputable appraiser. There are three main appraisal methods that can be used in this situation. Appraisals only cost about $250 in the country.

You could also go down to the country courthouse and pull tax records. The appraised value for taxation will be less than the market value, but it will give you a basis to start your research. You can also pull sold histories at the courthouse of that and other properties if they are too primitive for a web database.

Answer 3

Do not use comps that are 5 miles away and do not have the same footage. Actually, its not land square foot by the way. You won't get anywhere talking to an appraiser because your not using his services, just asking for something he doesn't have information on and would have to look up.

Your best bet would be to get a parcel number and call a title company who could do a prperty profile on the land. This information will give you approx. price it last sold for the taxes and then exactly what the acreage is. The comps are included so should have everything you need.

Answer 4

Appraisers aren't going to just give you that information, you have to pay for it. If you owe this property, then I suggest you have an appraiser perform an appraisal for you. Milleage from subject shouldn't present a problem. Again, they aren' t likely to help you for free.