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Form 216

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by JTip, May 24, 2007.

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  1. JTip

    JTip Senior Member

    21
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    A legal, granfathered, non-conforming multi-unit in single family zoning. Lender is asking for a form "216"? :shrug: Can the unit be rebuilt if destroyed? Call the borough council, go to the planning meeting, borough engineer is on vacation.....is it my job to determine if it can be rebuilt as-is?


    .....help.....

    Shane
     
  2. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    1
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
  3. JTip

    JTip Senior Member

    21
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    I agree Mr. Garrett. :)

    Drinking that full strenght coffee this morning huh?
     
  4. challenger

    challenger Sophomore Member

    0
    Mar 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I have had this request quite often in Pensacola, Fl. The planning and zoning department will issue a statement here. If the engineer is the only one that can do it they will just have to wait. The planning and zoning department should know the answer to this not the engineer.
     
  5. JTip

    JTip Senior Member

    21
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Form 216 is .................. Operating Income Statement.

    Geez, just ask for it. Don't give some number I can't look up.

    I will leave the rebuild assumptions to a professional.

    Thanks all,
    Shane
     
  6. josephdifranco

    josephdifranco Member

    0
    Mar 19, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Its actually a question for non conforming properties on the condo form. The other forms don't have it but its a common lender question.

    You can offer more of a service if you can answer the question for them, you are liable for your answer, but quote your sources and ask the right questions and you should be fine.

    You could tell the lender its not your job, but the investor might reject the loan, then you have a not happy client.
     
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