FEMA 50% Form

[EQUITY APPRAISAL GR]

Hi all, what forms are you all using for a FEMA 50% rebuttal? I have ACI . Any help would be greatly appreciated!

 

[Dublin ohio]

Hi all, what forms are you all using for a FEMA 50% rebuttal? I have ACI . Any help would be greatly appreciated!

What exactly are you rebutting?

 

[EQUITY APPRAISAL GR]

sorry, not rebutting... being asked to do an appraisal for storm damaged home and they will be using my appraisal to see if they can stay below the 50% rule so as not to have to rebuild.

 

[EQUITY APPRAISAL GR]

Every other appraiser I spoke will just answer "I use narrative".... also have read the Actual Cash Value is the best to use to determine, but no form for that

 

[J Grant]

what the heck is a 50% rebuttal? I see you changed it - ask your client what forms they will accept. Do not assume whey will accept a narrative

The form or lack of a form does not affect what the value is and idk what cash value means. If it is an estimated cost to rebuild I would want a contractor to estimate that.

 

[Dublin ohio]

for storm damaged home and they will be using my appraisal to see if they can stay below the 50% rule so as not to have to rebuild.

So what you really need to value is the improvements only before the storm damage. The 50% has nothing to do with your appraisal

 

[jay trotta]

FEMA’s 50% rule explained​

FEMA’s 50% Rule restricts repair costs to no more than 50% of a property’s pre-damage market value in flood-prone areas. For instance, if your home is valued at $100,000, FEMA funding will only cover up to $50,000 in repairs.

The rule applies to properties located in Special Flood Hazard Areas (SFHAs)—zones identified by FEMA as high risk for flooding. If the cost to repair a structure after a flood equals or exceeds 50% of the home’s pre-damage market value (excluding the value of the land), the home is deemed to have “substantial damage.” At this point, FEMA requires the entire structure to be brought into compliance with current floodplain management regulations before repairs can begin.

If an assessment determines that a home has substantial damage, it’s up to the homeowner to cover the difference and bring the entire structure up to modern flood safety standards. That might mean elevating the building, reinforcing its foundation or installing flood-resistant materials.

 

[Sadie]

Every other appraiser I spoke will just answer "I use narrative".... also have read the Actual Cash Value is the best to use to determine, but no form for that

I would do as JGrant suggested, ask the client. I think that in these cases, the correct form or verbiage could be all important in the processing of the claim and waiver. If the HO is your client, ask for any correspondance they have been given regarding the appraisal. It might contain helpful nuggets.

 

[EQUITY APPRAISAL GR]

FEMA’s 50% rule explained​

FEMA’s 50% Rule restricts repair costs to no more than 50% of a property’s pre-damage market value in flood-prone areas. For instance, if your home is valued at $100,000, FEMA funding will only cover up to $50,000 in repairs.

The rule applies to properties located in Special Flood Hazard Areas (SFHAs)—zones identified by FEMA as high risk for flooding. If the cost to repair a structure after a flood equals or exceeds 50% of the home’s pre-damage market value (excluding the value of the land), the home is deemed to have “substantial damage.” At this point, FEMA requires the entire structure to be brought into compliance with current floodplain management regulations before repairs can begin.

If an assessment determines that a home has substantial damage, it’s up to the homeowner to cover the difference and bring the entire structure up to modern flood safety standards. That might mean elevating the building, reinforcing its foundation or installing flood-resistant materials.

i have read all kinds of these....but need to know what "form" to use. Its NOT for lending, client is the homeowner who wants to prove FEMA is too low!

 

[Dublin ohio]

i have read all kinds of these....but need to know what "form" to use. Its NOT for lending, client is the homeowner who wants to prove FEMA is too low!

Use a GP form for the before value for the whole property and do the land and site improvements value as a narrative. If you have vacant land sales you could put them on a land appraisal grid if you so choose. I have always done a narrative for the land value