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Active Railroad Tracks Adjacency

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MikeSpool

Freshman Member
Joined
Aug 22, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Did an FHA inspection and the Subject's site abuts an active railroad track at the rear/side, with no fencing. How should I treat this? Does it automatically flunk, or should I mention it, adjust for it, and clearly point it out and leave it up to the lender, or what...
Thank You
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
I would email the HOC and ask them, keeping the response in your work file. Where they are tightening up, I would not take a chance. You cannot change that locus EVER.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
I did one like this recently. Don't ignore it. Explain in detail, include photos, aerial maps, and comps with similar site conditions.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Pictures would help.

Are you talking this close?

 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Report it, adjust for it if necessary, and let the DEU decide.
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
big "obvious" safety issue. don't want to lose grandma, a wandering 2 year old, or the dog to a train. big thing is finding even 1 similar comp. if not sure, leave decision to underwriter, who will then toss it right back to you. it be all up to you to say what. might have to do subject to a fence. if a hand rail is a safety issue, what the he.. is a speeding train passing the back of your fenceless yard with the little children playing there. surprised the township doesn't have a code for that. does the train whistle when it's near the house to warn when it's coming, or it just slams into you while standing on the track?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Make them tear the house down! Ok, so what do you propose? Here is a good question to ask..."was there ever an FHA loan on the property?".


To the ridiculous notion we can be protectors against every possible hazard...how about vehicle traffic? Drug dealers? Child molesters? Flooding? Snow storms? Forest fire? Earth quakes? Where does it end?

Our job is to appraise a property. End of rant.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
big "obvious" safety issue. don't want to lose grandma, a wandering 2 year old, or the dog to a train. big thing is finding even 1 similar comp. if not sure, leave decision to underwriter, who will then toss it right back to you. it be all up to you to say what. might have to do subject to a fence. if a hand rail is a safety issue, what the he.. is a speeding train passing the back of your fenceless yard with the little children playing there. surprised the township doesn't have a code for that. does the train whistle when it's near the house to warn when it's coming, or it just slams into you while standing on the track?

I would be more concerned with what are the trains hauling. We have had several train derailments here in East Tennessee in the last 15 years and there have been some very dangerous chemical spills as a result. That, would be more of a concern than would they loose their dog. The noise may be a problem, too.

Sounds like the solution to your problem would be to build a fence surrounding the entire subject property. Keep everyone in so they don't go near the tracks. I can see your concern, but I don't think it rises to the level of an MPR.
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Make them tear the house down! Ok, so what do you propose? Here is a good question to ask..."was there ever an FHA loan on the property?".
To the ridiculous notion we can be protectors against every possible hazard...how about vehicle traffic? Drug dealers? Child molesters? Flooding? Snow storms? Forest fire? Earth quakes? Where does it end?
Our job is to appraise a property. End of rant.

i would be more concerned, if it was a sale, about a law suit from the buyer that you didn't protect them from a serious "safety" issue. buyer's can be stupid, we are not allowed to be. just like having flood insurance. law suites can be frivolous, but this big city is a haven for trial lawyers suing everybody, and usually winning. personally i love trains, but not sure about that closeness. someone should have built a fence a long time ago. just my thoughts about how FHA is prissy on porch guard railing. but then personally, i have no problem with just explaining as noted, especially if just a refi.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
OP: "the Subject's site abuts an active railroad track at the rear/side,"

Lot size?

Municipal Requirements applicable to 1. the RR 2. the Residential Lot?
 
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