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FHA Airport Issue - Please Help

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shadow77

Thread Starter
Freshman Member
Joined
Oct 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I am currently working on a property that is an FHA order and is in close proximity to a small airport. County records show the subject's property line is 53 ft from the airport's fence. How should I handle this?
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Unless it is an excess noise problem I would just note the location, determine if there is any locational depreciation factors and complete the report.

If you feel there is excess noise, supported during your observations, then you have to contact the DIRECT ENDORSEMENT UNDERWRITER, NOT your client or the mortgage broker and have the DEU decide whether or not to proceed.

The tricky part is getting to the DEU without alerting the client.

If your comps are equally impacted by the airport location, than just proceed as normal and complete the report.
 

shadow77

Thread Starter
Freshman Member
Joined
Oct 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Are there any FHA issues that need to be addressed due to the location?
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Are there any FHA issues that need to be addressed due to the location?

Only excess noise, if any.

Otherwise you treat it the same as you would for Fannie and Freddie.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Contact the airport authority and request a copy of the noise contour map. See where your property is located in reference to the contours and use comps with similar location characteristics.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
After determining the zoning designation for this parcel, ask specifically: "Is it located in an airport overlay zone?" If so, determine whether the future development or re-build status of the current improvements are affected.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
If your comps are equally impacted by the airport location, than just proceed as normal and complete the report.

I don't think that is right, Chris. The appraiser is responsible for determining if the subject property is in that airport's "Crash zone." You can get that data at the airport and it may be available on line. If it is in the crash zone then the appraiser rejects the property because of its location. The DEU can challenge your rejection and order you to complete the report. Then, it is THEIR neck that is stuck out. Make sure you get that order to complete in writing and signed by the DEU.
 

ROBERT JONES

Junior Member
Joined
Feb 12, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
Mike is right. But I have also been able to verify this information with the zoning office without having to go to the airport. Generally the crash zones are at each end of the runways for several hundred feet.I have never seen a home constucted in such a zone. (local general aviation propeller plane airports only - not commercial/international jet type airports)
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
FHA looks for the possibility that the subjects property MAY be acquired by the airport through zoning rights , if so no FHA insurance available..
 
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