Answer:
The shed may lend no value to the appraisal (market value) but it has value. You need a determination.
First published on BankersOnline.com 7/18/11
Flood Determination on Agricultural Real Estate
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Question:
I am taking a mortgage on agricultural real estate and according to the appraisal an old shed is located on the land. It also states that the building has no value. Does a flood determination need to be done since the appraisal states the structure has no value?
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