Meandering
Elite Member
- Joined
- Feb 26, 2006
- Professional Status
- Real Estate Agent or Broker
- State
- Pennsylvania
Alan,
I did one for a refi, conventional, one parcel was the house, the other parcel was a dead summer cabin that was preserving a foot print for future development. Two tax parcel numbers too separate deeds, two HOA bills, same owner. I discussed this with the lender prior to accepting, that it could not go on a form report and it could not go UAD because of the necessary comments and different site sizes, yada, yada. They said fine. So, I did a narrative report 3 values, each as is and one as if assembled. After they received it, they of course stip they need it on the form in UAD. Okay, so I did a URAR with UAD abbreviations, attached it as the addenda to the original report, stated on the URAR page two that it was an inappropriate form for the two properties, and that the lender had verbally agreed to a narrative report at the acceptance of the assignment, but then had stipulated that they MUST have the report on the URAR in UAD format. I sent the whole thing forward and never heard another peep about it.
.
I did one for a refi, conventional, one parcel was the house, the other parcel was a dead summer cabin that was preserving a foot print for future development. Two tax parcel numbers too separate deeds, two HOA bills, same owner. I discussed this with the lender prior to accepting, that it could not go on a form report and it could not go UAD because of the necessary comments and different site sizes, yada, yada. They said fine. So, I did a narrative report 3 values, each as is and one as if assembled. After they received it, they of course stip they need it on the form in UAD. Okay, so I did a URAR with UAD abbreviations, attached it as the addenda to the original report, stated on the URAR page two that it was an inappropriate form for the two properties, and that the lender had verbally agreed to a narrative report at the acceptance of the assignment, but then had stipulated that they MUST have the report on the URAR in UAD format. I sent the whole thing forward and never heard another peep about it.
.
FWIW, the reason I said it the way I did is that in general, FHA by its charter and purpose are not intended to inject added cost into the process. By "requiring" this combination prior to closing you are adding additional cost to the process, which would have been handled at closing under a "subject to" condition anyway. I'm fairly confident that it the question posed to FHA was framed that way, you would have gotten an answer 180 degrees out of phase with the one you got. YMMV
