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PUD Box at Top of FNMA Form

Discussion in 'General Appraisal Discussion' started by B4Links, Jun 27, 2011.

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  1. B4Links

    B4Links New Member

    0
    Sep 4, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Yes, Once again a lender with support of title is wanting me to change or to uncheck the PUD Box at top of form.

    Home in a Subdivision with Common Area-Minor, Mandatory HO Dues, and yes CC&R's. I need some comments from other appraisers. Is it or Is it Not a PUD on FNMA Form.

    B4Links
     
  2. Mile High Trout

    Mile High Trout Elite Member

    2
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Mike K posted that link a while ago.

    If HOA dues are not voluntary, it's a PUD. Weather they built it as planned or not. It takes on the same characteristics of a PUD, because HOA dues are not optional. Basic fill out of PUD under cost approach, with contact number for HOA, and some other basics, it's a simple solution.

    Regardless if merely residential zoning, the 1004 form should have PUD if HOA dues are mandatory. It's one of the changes that took hold of late and was backed by some position statement somewhere out there. If you're lucky someone may furnish a link, I can't remember what that one was.
     
  3. CANative

    CANative Elite Member

    33
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Mandatory HOA dues = PUD in the GSE world.

    Verify if the HOA dues are mandatory for THAT property. Sometimes properties in or near a development have been able to opt out of the HOA.
     
  4. Mr Rex

    Mr Rex Elite Member

    30
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    My addenda comments re:

    PUD/HOA Dues:
    The subject is considered to be in a PUD per Fannie Mae's definition that all properties with mandatory HOA dues are considered to be in a PUD. The subjects HOA dues are for maintenance of the subdivisions's private roads and insurance.

    PS I list any other common elements paid for by the HOA, signage, boat ramps, picnic areas, parks, clubhouse etc etc. Fwiw almost all HOA have insurance to protect them jointly and severally from ambulance chasing lawyers and their inbred clientele for some dumarse wandering on the property and injuring themselves, although they are trespassing.:icon_idea:
     
  5. OSU Beavers

    OSU Beavers Elite Member

    6
    Jan 10, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    In Oregon, if it is a PUD, it states PUD right on the Plat Map.

    I have the opposite stip. AMC wants me to advise if the property is located in a PUD. You would think that not having the PUD box checked and putting n/a for HOA would be enough.
     
  6. Doug DeMars

    Doug DeMars Senior Member

    0
    Mar 20, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Very annoying indeed. I live in an area where many subdivisions are zoned "PD" with the descriptor of "Residential - Planned Development". I always add a comment after this explicity stating "Subject is not in a "PUD" w/ HOA dues or amenities. Oy vey!
     
  7. cbelon

    cbelon Sophomore Member

    0
    Dec 5, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    The lenders should just pull their own pud :rof:info
     
  8. Gregory Beck

    Gregory Beck Senior Member

    0
    Aug 6, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    It's a PUD

    Any time there is any assoc fee it's a PUD
     
  9. Paul Isolda

    Paul Isolda Senior Member

    0
    May 20, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    This FNMA mindset about PUD's I find funny. A PUD is a legal form of ownership established by the developer of the property. When a project is declared in a legal filing, it is designated as a PUD. If it fits within the municipalities zoning regulations, etc. the Town accepts it as a PUD. This is not up to FNMA to decide. If they want to make up a name to call what they currently consider to be a PUD, that's fine. Otherwise, the name PUD is applied to properties that are developed as such. In my area, there were projects developed before the legal concept of a PUD existed. There are mandatory homeowners fees. They are not PUD's because they were not declared as PUD's. A PUD did not exist when this was created.
     
  10. Mark K

    Mark K Senior Member

    5
    Jan 27, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    In this area a PUD is not a form of ownership, it is a zoning classification.

    For example, adeveloper will take an 80 acre tract, get a PUD zoning on the entire parcel and this allows multiple land uses on the tract without having to get rezoning on each section.

    Example: Strip mall and offices along road frontage, apartments behind the commercial use, high density single family residential behind the apartments, and low density residential at the rear of the parcel, all contained within the PUD umbrella; no individual commercial or residential zoning. Once the PUD zoning is in place, all the developer needs is plat approval; no additional zoning changes are necessary. Developers love it because of the flexibility (read; max profits).

    The F/F PUD definition is their own and if you play in their game, you have to follow their rules. Mandatory HOA dues = PUD. We have lots of "PUD's" per F/F definition that were developed and built long before the idea of a PUD was even thought of.
     
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