Relevant Characteristics of Canandaigua Lake

 

 

“Relevant characteristics” is a phrase right out of the Uniform Standards of Professional Appraisal Practice, known as USPAP, which is the ethical and legal code all licensed and certified appraisers must adhere to. USPAP is embedded into license/certification laws in all states in the US.

A relevant characteristic is just that, it is something that is a relevant characteristic of the appraisal.  When appraisers are looking at the value of a property on Canandaigua Lake, they have to add in th value of the relevant characteristic, which of course is the lake.  The appraiser would then put together the value of the lakefront , how much lakefront and the elevation such as flat or cliff.  This would then be considered a relevant characteristic.

Most lenders hire a local appraiser since they are familiar with any relevant characteristics.  When lenders from outside of the area hire their preferred appraiser, the appraiser will end up doing a baseline appraisal that would not include any relevant characteristics.  The unfamiliar appraiser is not familiar with the area to understand the relevance or value of the lakefront.

If your Canandaigua Lake  property comes back with a lower than expected appraisal, check with the company to ensure they included the lakefront as  a relevant characteristic.

 

Leave a Reply

Copyright © 2007 Buying and Selling Waterfront Properties in the Finger Lakes     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Mary St. George