Conventional loan/Flood

[2020]

I completed an appraisal on a 1004/Conventional. I use Alamode/Total software. Interflood is the flood map software in total. Per Interflood the subject is located in AE dated 2009. I submitted the report and received a revision request from the lender to change the flood zone to X500. If I do so, I am going to have to change comps to reflect comparables with similar flood zone. Has anyone had to do this before?

 

[glenn walker]

I completed an appraisal on a 1004/Conventional. I use Alamode/Total software. Interflood is the flood map software in total. Per Interflood the subject is located in AE dated 2009. I submitted the report and received a revision request from the lender to change the flood zone to X500. If I do so, I am going to have to change comps to reflect comparables with similar flood zone. Has anyone had to do this before?

Lenders all get a Flood certification showing zone and I would ask for a copy for my file. But No a X-500 is not that bad in most areas . How you going to know what other comps are in same zone ? I would move on and be done any adjustment you make is just a wild guess. If so seems like a whole new assignment and appraisal if things change that much.

 

[2020]

No a X-500 is not that bad in most areas . How you going to know what other comps are in same zone ? I would move on and be done

My comparables I used are Flood AE and now the subject will be x500. Should I not change comparables out since x500 does not require flood insurance and AE does require flood insurance?

 

[glenn walker]

My comparables I used are Flood AE and now the subject will be x500. Should I not change comparables out since x500 does not require flood insurance and AE does require flood insurance?

Deleted .

 

[Fernando]

So in your original report, you had comps in Flood AE zone.
I would think comps not in flood zone would have higher prices.

 

[Surf Cat]

When I used to review the reports from our appraisers that came in the fee shop (the good ol' days) many of the appraisers would just use the zoning code that was on public records (Torr R-1) without actually looking into what the actual, current code was. I would investigate and find out what the actual flood zone is on FEMA.gov or some other reputable source before just arbitrarily changing it because the client said so...

 

[2020]

So in your original report, you had comps in Flood AE zone.
I would think comps not in flood zone would have high

When I used to review the reports from our appraisers that came in the fee shop (the good ol' days) many of the appraisers would just use the zoning code that was on public records (Torr R-1) without actually looking into what the actual, current code was. I would investigate and find out what the actual flood zone is on FEMA.gov or some other reputable source before just arbitrarily changing it because the client said so...

So, that is exactly what I have gotten into. FEMA shows AE. I called FEMA and verified and verified with the city. They both report AE. The lender has a map from a 3rd party showing x500. They want me to change it to X500. I have never had this happen before. So I should leave it as AE because that's what FEMA indicates?

 

[Surf Cat]

So, that is exactly what I have gotten into. FEMA shows AE. I called FEMA and verified and verified with the city. They both report AE. The lender has a map from a 3rd party showing x500. They want me to change it to X500. I have never had this happen before. So I should leave it as AE because that's what FEMA indicates?

Well.....as much as you want to "stick it" to the reviewer, don't be rude. Attach into the report (or comment on your findings and whom you contacted) the evidence from FEMA and professionally state you are sticking with AE per reliable, reputable sources.

 

[Mike Ault]

So, that is exactly what I have gotten into. FEMA shows AE. I called FEMA and verified and verified with the city. They both report AE. The lender has a map from a 3rd party showing x500. They want me to change it to X500. I have never had this happen before. So I should leave it as AE because that's what FEMA indicates?

Most of the time, lenders will get a flood certification from a third party which will indicate that although the site is located in a flood zone, the improvements are not, and therefore no flood insurance is required. However, that is not the determination that we make on the URAR. We are to indicate if any portion of the site is located in a flood zone, not just the improvements. I've been asked to change my appraisals to match the flood certification on multiple occasions, and never have.

 

[Carnivore]

I use this because you can print tp PDF and it is updated. You get two pages and import into your Report

Try it out. It's Free

https://msc.FEMA.gov/portal/search