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Another PUD question

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hglenbetts

Thread Starter
Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
OK, I've relented and now will complete the PUD section for my subdivision that has a mandatory HOA.

My question is... On the 1004, The second line down says "Provide the following information for PUDs ONLY if the Developer/builder is in control of the HOA and the subject property is an attached dwelling unit." (my emphasis)

FIRST...
If I read this correctly,
1- if the subject is a detached home, it doesn't matter if the HOA is controlled by the developer or not, and
2- if the developer is not in control, it doesn't matter if they are detached or not.

The "and" would mandate BOTH requirements be met. Right??

Secondly...
How far down the section is "Following Information" referring to?

If the subject passes on one of the above, am I done in the PUD section, or do I need to complete ANY of the questions that follow??

If you can, please give the reference for your answer.

Thanks
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Underwriters have a poorly developed understanding of what a PUD is and more than likely will want that info regardless of who is in control of the HOA, and if it is attached or not. As soon as they see a zoning even hinting of PUD, they want the info. MY subdivision is zoned PUD, but does not have a mandatory HOA, all are detached SFR's and I still have to fill it out for some brain dead UW's. Sometimes its just not worth fighting over.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
I took a logic course in college. This means that the section needs to filled out only when both conditions, the subject is an attached dwelling unit and the developer is in control, are met.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
If both conditions listed on the form are not met I will list the conditions that are not met, either the developer is not in control or the unit is a detached dwelling.

Filling out any additional information is more a question of satisfying a client's "SOW" issue.
 

hglenbetts

Thread Starter
Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
It's not a matter of Zoning (we've discussed this extensively in another thread, and I feel I lost the "argument" that PUDs are a creature of zoning) or SOW. According to posts in another thread, Fannie states that if there is a mandatory HOA, that we are required to complete the PUD section of the report.

And that brings me back to the original question of how much of the section do we complete if the stated requirements aren't met?
 

BuddyKat

Junior Member
Joined
Jul 29, 2007
Professional Status
Certified Residential Appraiser
State
Virginia
PUD's

“Using Residential Appraisal Report Forms” by Mark Rattermann, Page 133. “If the subject is located in a development whose management association has been released to the owners, or if the unit is detached, the appraiser’s work is finished, and he or shed need not go any further”.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
It is my understanding that both parts have to be satisfied in order to require this information to be completed. If either part is not satisfied, then I don't fill out the PUD information. I will put the name of the development in just to show that I read the first section.
 

ramrcdk

Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
And here is another opinion. From many years, sometimes it is not specific to the form PUD section of the report whether you must or not (complete the section) but more about the underwriters specific silly requests...this is a very small battle this day and time that I would not fight if I wanted to keep receiving their business. If the Underwriter requests..."no problem" just fill it in.
Since even if we filled it out to the best of our efforts it still would be an approximate number assumption unless you count every and recount every lot from lets say ...a development tax map know the exact developed numbers and boundaries and then call different times to the HOA or developer to confur and get the rest of the numbers hopefully from different people because if you do call back and speak to someone else it will likely be different. A PUD to me is as the definition of same is regarding the appraisal dictionary...to you it may be different... I am signing my name and you are signing yours. Don't beat it to death...if that is the whole beef...lucky you!
 
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