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Answers (1)
- tina merritt, "tinamerritt"
- Contributions:743
I have run into this issue many times and here is how I address it:
Be prepared. Do your homework and find the most recent lake front sales in your area. Then, inspect each one (this is usually best done from the water, not the road). Make a note of each property and the following:
Bulkhead (condition, type, length), length of water frontage, quality of water frontage, existence and type of boat lift, percentage of cleared/usable land, quality of views from the land and of course, land size. Take pictures and try to get a copy of the plats.
Give these items to the loan officer doing the loan as well as the appraiser. Most appraisers will appreciate this information since they normally do not view the comparable properties from the lake-side. This is a lot of work on your end; however, no one cares as much about your purchase/sale as you do so it is usually worth the effort.
Be prepared. Do your homework and find the most recent lake front sales in your area. Then, inspect each one (this is usually best done from the water, not the road). Make a note of each property and the following:
Bulkhead (condition, type, length), length of water frontage, quality of water frontage, existence and type of boat lift, percentage of cleared/usable land, quality of views from the land and of course, land size. Take pictures and try to get a copy of the plats.
Give these items to the loan officer doing the loan as well as the appraiser. Most appraisers will appreciate this information since they normally do not view the comparable properties from the lake-side. This is a lot of work on your end; however, no one cares as much about your purchase/sale as you do so it is usually worth the effort.
Buying Lake Property
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