1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Geodesic Domes - FHA

Discussion in 'FHA/HUD and VA' started by Lobo Fan, Jun 2, 2010.

Thread Status:
Not open for further replies.
  1. Lobo Fan

    Lobo Fan Elite Member

    0
    Nov 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I have my first FHA dome in the line up. I have been researching the comp requirementd and can find nothing useful. I did find something that said that FHA does not finance domes unless a market can be established. My subject is semi-rural. The most recent comp is from 10/08 and two more from 2006. I don't know if this is enough to establish a market.

    Has anyone had any experience with this.
     
    Last edited: Jun 2, 2010
  2. CANative

    CANative Elite Member

    121
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    You can't use your best comps as comps 1, 2 and 3 because FHA has that 12 month old comp requirement.

    You might be able to use recent rural sales of odd homes (MH's, cabins, A-frames) as comps 1, 2 and 3 and then put your older dome sales in the 4, 5 and 6 slots.
     
  3. Lobo Fan

    Lobo Fan Elite Member

    0
    Nov 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Thanks Greg. I called the Denver HOC and they were all scratching their heads too. They said they would research it and call me back within 48 hours.
     
  4. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There's not a fee large enough for the coming headache of that one...m2:
     
  5. CANative

    CANative Elite Member

    121
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I charge $1,000.

    The hardest part is measuring the GD things.
     
  6. Denis DeSaix

    Denis DeSaix Elite Member

    142
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
  7. CANative

    CANative Elite Member

    121
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  8. Lobo Fan

    Lobo Fan Elite Member

    0
    Nov 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    This has been my week for oddly shaped houses. I lost one yesterday with RELS because I requested a fee increase. It was 5500 SF and there was not a 90 degree corner on the thing. Arcs, angle changes, yuck. It would take hours just to get the sketch right. Plus is sold for $1,000,000 on 12/31/09, which is in the very upper end of the market.

    I looked at that link. I am going to have to get my daughter to help with that one. She is taking calculus in college.
     
  9. RSW

    RSW Elite Member

    23
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I've never done a dome house for the FHA.
     
  10. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    225
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    part 2 - I am never going to do another...

    I recall wasting 2 days to satisfy UWs and that was back in the mid-90s. It has to be worse now.
     
Thread Status:
Not open for further replies.

Share This Page