Wednesday , 20 January 2021

Lee Lansford and Richard Heyn

Lee Lansford: Lee Lansford, IFA/ASA, is a licensed Certified Residential Appraiser with 30+ years of experience. He holds an MBA (R.E. Finance & Urban Development) from DePaul U (Chicago) and is an AQB Certified USPAP Instructor. He served for 9 years on the State of IL Appraisal Board, where for 2 years he was chairman. Lee also serves as a “hearing officer” for real estate tax assessment appeals in the office of Supervisor of Assessments in his home county. A designated member of the American Society of Appraisers, he is in private practice in “Chicago-land.” ///// Richard Heyn: Richard Heyn, SRA, has over 40 years of experience in real estate appraisal, consulting, seminar development and teaching. Rich is an AQB certified USPAP instructor and has authored dozens of continuing education seminars for appraisers, REALTORS© and lenders. His seminars have been attended by literally tens of thousands of appraisers from every State.

Fannie Mae and a New, Fifth Test for Highest and Best Use

Fannie Mae seems to have a problem with excess land. Perhaps more accurately, Fannie Mae seems to have a problem with appraisals that involve excess land, and the appraiser’s characterization of Highest and Best Use. Before we proceed with this discussion, let’s make sure everybody is on the same page by defining two terms: “surplus” land versus “excess” land. Surplus …

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