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A I - Flood Prone Rules

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Terrel L. Shields

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May 2, 2002
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Certified General Appraiser
State
Arkansas
https://www.appraisalinstitute.org/...dings-poses-challenges-the-appraisal-journal/

“The 50% FEMA Rule Appraisal,” by Patricia Staebler, SRA, discusses the unique aspects of these appraisals, as regulated by the Federal Emergency Management Agency. These 50% FEMA Rule appraisals provide building owners an understanding of how much money they are permitted to spend to improve or repair grandfathered structures without triggering compliance issues with the latest FEMA standards.​
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
These raise their ugly heads down here. That being said, by doing repairs in stages, owners are getting around this rule. I know of one home that did electrical, then plumbing, then interior sheetrock, then cabinetry, then roof. Repairs definitely exceeded the 50%, but got through the system.

However,wife has had to cite the rules, link the website, and inform more than one lender of a foreclosed property that the cost of repairs would exceed the 50% rule and would require being brought up to code, including elevating the home out of the flood zone, making the costs excessive and impractical.
 
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