Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 06-27-2011, 06:08 PM
B4Links B4Links is offline
 
Join Date: Sep 2010
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2
Default PUD Box at Top of FNMA Form

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
Sponsored Links

  #2  
Old 06-27-2011, 06:11 PM
Mile High Trout's Avatar
Mile High Trout Mile High Trout is offline
 
Join Date: Feb 2008
Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 11,533
Post

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  
Old 06-27-2011, 06:12 PM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 44,647
Default

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.
__________________
"OMG! What's wrong with you?"
  #4  
Old 06-27-2011, 06:58 PM
Mr Rex's Avatar
Mr Rex Mr Rex is online now
 
Join Date: Jan 2004
Location: X Marks the spot
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 25,628
Default

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.
__________________
You talking to me?
  #5  
Old 06-27-2011, 07:29 PM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is offline
 
Join Date: Jan 2007
Location: Podunk
State: Oregon
Professional Status: Licensed Appraiser
Posts: 6,119
Default

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.
__________________
It's hard to love your job when no one else seems to like you for doing it right.
  #6  
Old 06-28-2011, 12:19 AM
Doug DeMars's Avatar
Doug DeMars Doug DeMars is offline
 
Join Date: Mar 2009
Location: California Delta / Co Co County
State: California
Professional Status: Certified Residential Appraiser
Posts: 1,703
Default

Quote:
Originally Posted by OSU Beavers View Post
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.
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!
__________________
Brain Surgeon to Rocket Scientist: "Gee Bob...thankfully it's not so difficult like an appraisal."
  #7  
Old 06-28-2011, 07:58 AM
cbelon cbelon is offline
 
Join Date: Dec 2007
State: New Jersey
Professional Status: Certified General Appraiser
Posts: 55
Default

The lenders should just pull their own pud info
  #8  
Old 06-28-2011, 08:07 AM
Gregory Beck's Avatar
Gregory Beck Gregory Beck is offline
 
Join Date: Aug 2003
Location: Fort Lauderdale
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 1,356
Default It's a PUD

Quote:
Originally Posted by B4Links View Post
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
Any time there is any assoc fee it's a PUD
__________________
The banks may have the gold, but the appraiser has the e&o insurance
  #9  
Old 06-28-2011, 08:28 AM
Paul Isolda's Avatar
Paul Isolda Paul Isolda is offline
 
Join Date: May 2004
Location: Stamford, CT
State: Connecticut
Professional Status: Certified Residential Appraiser
Posts: 998
Default

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.
__________________
Trying to win the war of attrition
  #10  
Old 06-28-2011, 08:47 AM
Mark K's Avatar
Mark K Mark K is online now
 
Join Date: Jan 2004
Location: Central Indiana
State: Indiana
Professional Status: Certified Residential Appraiser
Posts: 1,715
Default

Quote:
Originally Posted by Paul Isolda View Post
. A PUD is a legal form of ownership established by the developer of the property.
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.
__________________
"The trouble with socialism is that eventually you run out of other people's money." MT
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 08:16 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93