Need to mention near earthquake zone?

[Fernando]

I like to be transparent but since subject like most homes in area are near earthquake fault, I don't need to mention that, right?
I would only mention if very very close but within a mile, no need to. Appraiser discretion?

 

[Fernando]

I wonder if appraiser would have to note that in the new form.
Same if within tsunami zone but that's obvious if near Pacific Ocean.

 

[swandel1]

The question is "what do your local appraiser peers do?" Or "if in doubt - disclose!!"

 

[Fernando]

The question is "what do your local appraiser peers do?" Or "if in doubt - disclose!!"

Peers don't mention it. They don't take time to find out.
And we don't want to open a pandora box.

 

[swandel1]

Ok then - as it appears to be bothering you - disclose. Make a canned statement(s) and drop it in the Addendum when necessary. Done.

 

[Fernando]

Ok then - as it appears to be bothering you - disclose. Make a canned statement(s) and drop it in the Addendum when necessary. Done.

Thanks for pointing out if my peers do it.
Now I don't have a problem.

 

[Sadie]

I like to be transparent but since subject like most homes in area are near earthquake fault, I don't need to mention that, right?
I would only mention if very very close but within a mile, no need to. Appraiser discretion?

In the Cascadia zone here. I never mention it.

 

[Sadie]

I wonder if appraiser would have to note that in the new form.
Same if within tsunami zone but that's obvious if near Pacific Ocean.

Since tsunamis are very infrequent, I would think not. If a property is in a tsunami zone, most likely the comparables are too. Its not like a flood zone where its hit or miss in some areas.

 

[Fernando]

Since tsunamis are very infrequent, I would think not. If a property is in a tsunami zone, most likely the comparables are too. Its not like a flood zone where its hit or miss in some areas.

Normally, never did I think about it but from the property disclosure form, property is in a tsunami zone.
And you're right, comps would be in it too.
I always love living near the beach. Knowing there are dangers to consider, I may get tsunami insurance. Just kidding. I don't even get earthquake insurance. Too expensive.

 

[sputnam]

I like to be transparent but since subject like most homes in area are near earthquake fault, I don't need to mention that, right?
I would only mention if very very close but within a mile, no need to. Appraiser discretion?

Why not mention it? It's not going to change anything... presuming that the 'Great Nando' used comparables from the same area.

It may or may not be relevant to the valuation analysis... however, it will become relevant to your workday if some sharp-eyed reviewer or underwiter notices and you have to revise your report. Time is money. It's nearly always faster to deal with things up front than it is to fix them later.