How do appraisals work for land that has no legal access? Can they even be provided?
I ask because I have a neighbor with land that has no legal access. They have never set foot on it in the last 7 years, to the best of my knowledge. My land has county road frontage, so, if I owned this neighbor’s land, it would, too. For that reason, as I see it, it’s worth more to me than another owner that doesn’t connect to the road.
Would an appraisal bear that out? Do they account for the lack of access? It seems, I could pay over appraised value and not “overpay.” Holding all things equal, let’s say land with access appraises for $2k/ac but without is $1500. If I could get it for $1700, it’d be worth $2k after I close.
Thoughts?
I ask because I have a neighbor with land that has no legal access. They have never set foot on it in the last 7 years, to the best of my knowledge. My land has county road frontage, so, if I owned this neighbor’s land, it would, too. For that reason, as I see it, it’s worth more to me than another owner that doesn’t connect to the road.
Would an appraisal bear that out? Do they account for the lack of access? It seems, I could pay over appraised value and not “overpay.” Holding all things equal, let’s say land with access appraises for $2k/ac but without is $1500. If I could get it for $1700, it’d be worth $2k after I close.
Thoughts?