We recently applied for a home equity line of credit. The appraiser who came out told us that the bank we are dealing with only includes the house and fifteen acres, no out-buildings. Is this standard?
Not in our experience. Those other buildings may have value, and may also have to be accounted for for insurance, including flood insurance if you are in a special designated area.
If the bank would specifically not be taking any security interest in those other buildings, they may ask that they be excluded. We've heard of this, but don't see it as the norm.
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Not in our experience. Those other buildings may have value, and may also have to be accounted for for insurance, including flood insurance if you are in a special designated area. 