I am reviewing an Appraisal that is for Land Only. The appraiser has 3 comps listed but, has no adjustments for the comps. The only comment he has given is there was more weight given to a particular comp but, no specific adjustments. He has used PVA properties and I am fine with that. What I have the problem with is no actual adjustments made to show how he actually came up with the value. Am I correct in assuming there have to be adjustments?
There aren’t any requirements to have specific adjustments and it’s quite typical to have the information you described in a land only appraisal. Unless there are some type of improvements to the land (buildings, irrigation system, roads, etc) there isn’t a good way to specify adjustments based on just the land. The note that one was weighted more heavily probably indicates that the appraiser deemed this property most similar to the subject property. The appraiser may an have included an addendum to the appraisal that gives more information.