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STATE a f INDIANA <br />INDIANA DEPARTMENT OF HIGHWAYS <br />100 North Senate Avenue <br />Indianapolis, Indiana 46204-2249 <br />City of South Bend <br />County -City Building <br />227 West Jefferson Ave. <br />South Bend, Indiana 46601 <br />Dear Sir: <br />INDIANAPOLIS <br />Room 1101, State Office Building <br />317-232.5 533 <br />Project: ST-226-7 (A) <br />Parcel : 930 <br />Date <br />Code 2274 <br />It is the policy of the Division of Land Acquisition of the Department <br />of Highways of Indiana to accept for review any appraisals prepared for the <br />property owner by a qualified appraiser, preferably a licensed real estate <br />broker. <br />There are several elementary but very basic factors that must be included <br />in any appraisal submitted for review to make it acceptable for the purpose. <br />We are aware that any one familiar with acceptable appraisal procedures need <br />not be reminded of these basic factors. It is mentioned here only as a reminder <br />to alert the appraiser to the requirements. They are as follows: <br />The land values, and where applicable the entire property value, must be <br />based on and supported by comparable sales made in the area. Realistic adjust- <br />ments must be made to reflect the degree of comparability between the properties. <br />Comparable location, sale price, record book and page number of deed record <br />must be included in appraisal. Comparables should be included to reflect both <br />before and after values. <br />The damages if any, must be fully explained and justified by a narrative <br />statement. <br />It is required that the comparable sales be adjusted by percentage, or by <br />lump sum figures to reflect the comparable's relationship to the subject property, <br />with justification of the adjustment factors such as date of sale, location, <br />topography, etc. <br />If real estate is commercial income producing property, appraisal by the <br />income approach is required. <br />It can readily be seen by the above simple basic requirements that an <br />appraisal must be supported by factual data and that the items of damage must <br />be fully documented. <br />An appraisal based on these facts is readily acceptable for review. <br />Very truly yours, <br />Land Agent <br />William G. Ford <br />State Form 38977 <br />An Equal Opportunity Employer <br />