Help VA Appraisers.... Any experts in here that really know the handbook I need help

[Cob]

Because FNMA said so when they wrote the form, and the client requires its use. 100% agreed it shouldn't be.

Condominium Project Questionnaire​

The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place.



This from Fannie Mae Selling Guide, it is not required.

 

[Dublin ohio]

They usually have a professional management company running the HOa and usually a website with the budget info, CCRs etc. Hope she made sure it was on the VA approved condo list. I think I'm "seasoned". I'm a little salty for sure.

Around here the management companies charge for the information. None of it is free. I can get everything I need from various sources with the exception of "accurate" rental units. Most of the management companies use the mailing address as an indicator of rented units. Which is actually somewhat worthless since it doesn't account for the snowbirds in my markets. Realist has a search function for owner/non owner occ. Sometimes you just have to go with the best available. No way I am paying for a condo questionnaire out of my own pocket. Even if they add it onto the fee. Some of them can cost $200.

 

[Zoe]

I have an assignment right now that is almost certain Tidewater. Little more difficult. It is not a condo.

Chances of it making contract price are slim.

Tidewater takes a bunch of time. It is not fun.

I can't charge extra for tidewater.

Many people are not happy in tidewater. I am first unhappy. Welcome to my world.

 

[Cob]

Project Documentation​

The documentation needed to complete a project review may differ depending on the project and review type. Lenders are responsible for determining the documentation needed to ensure that the project meets all of Fannie Mae’s eligibility requirements. Project documentation may include, but is not limited to, the following:

• legal and recorded documents including the covenants, conditions and restrictions, declaration of condominium, or other similar documents that establish the legal structure of the project;
• project budgets, financial statements, and reserve studies;
• project construction plans;
• architects’ or engineers’ reports;
• completion reports;
• project marketing plans;
• environmental hazard reports;
• attorney opinions;
• appraisal reports;
• evidence of insurance policies and related documentation; and
• condominium project questionnaires.

Document Retention

Lenders must retain all of the project documentation needed to demonstrate that the project meets Fannie Mae’s eligibility requirements, including any documentation the lender relied upon to enter information into CPM. This documentation must be retained, and made available upon request, as long as lenders originate mortgages from the project, and until all mortgages sold to Fannie Mae have been liquidated.



I am not sure about VA, but people keep mentioning Fannie MAe, this is from the Selling Guide, I think they JUST came out with new information in the past week as well.

 

[Zoe]

SALTY? LOL

Tiffany got me there. I don't remember her though. I am not on social media. She has tons of experience.

OP, she is probably best one for you to listen to.

 

[Zoe]

You know why salt was so expensive in middle east in old testament?

It is a natural preservative.

That is why you could use it like money.

They didn't have refrigerators or freezers.

Salt can cure a ham with no refrigerant necessary. Can be smoked at same time.

 

[Zoe]

I just bought a big container of salt at a grocery for $0.80 roughly. It was worth way more in the middle east in old testament.

Meat spoils quickly. Just for your information. Salt is necessary but can raise your blood pressure. You can't live without it.

I met a guy yesterday from Jordan. They got some trouble going on over there. He said I speak Arabic. I am from Jordan.

I said do they speak english in Jordan? He said we speak arabic.

Jordan borders Israel.

If you want to know when the end time is near. Watch Israel.

 

[Tiffany Gibbons]

Around here the management companies charge for the information. None of it is free. I can get everything I need from various sources with the exception of "accurate" rental units. Most of the management companies use the mailing address as an indicator of rented units. Which is actually somewhat worthless since it doesn't account for the snowbirds in my markets. Realist has a search function for owner/non owner occ. Sometimes you just have to go with the best available. No way I am paying for a condo questionnaire out of my own pocket. Even if they add it onto the fee. Some of them can cost $200.

Most of the HOA websites around here are managed by big management companies like Ghertner, etc. There is some information available online there, but to access budget information, there is usually a button or an email address that says: "if you are a lender requesting information/documentation, blah, blah". The owner/seller can get it too as they are paying the fee. Either way, I'm not paying for it.

 

[Tiffany Gibbons]

I have an assignment right now that is almost certain Tidewater. Little more difficult. It is not a condo.

Chances of it making contract price are slim.

Tidewater takes a bunch of time. It is not fun.

I can't charge extra for tidewater.

Many people are not happy in tidewater. I am first unhappy. Welcome to my world.

I'd rather have a Tidewater than an "ROV" any day. Get me whatever you want me to look at before I've finished the report. It makes more sense to address sales not used (or active listings agents might have used for pricing) in the report so you can explain things, for me, anyway. I have not had a Tidewater in a while though. The last couple I can remember were at least a year ago and one, they had included lots of farming equipment and animals in the sales price. Another one was a renovated doublewide on foundation with acreage that was priced based on new "stick built" homes in the area, agent came up with listing price by using price per square foot from nearby new subdivision.

 

[Zoe]

I'd rather have a Tidewater than an "ROV" any day. Get me whatever you want me to look at before I've finished the report. It makes more sense to address sales not used (or active listings agents might have used for pricing) in the report so you can explain things, for me, anyway. I have not had a Tidewater in a while though. The last couple I can remember were at least a year ago and one, they had included lots of farming equipment and animals in the sales price. Another one was a renovated doublewide on foundation with acreage that was priced based on new "stick built" homes in the area, agent came up with listing price by using price per square foot from nearby new subdivision.

Well, this one is new construction in an area you would know. I won't share the address. My lucky day. I will give you a hint. South of Cooper Young near Lamar. Let's say South Memphis. One contract has already fell through on it. Homes around it predominantly built in early 1900's. I just appraised one not too far away from it though. It is just over priced.

It won't be that hard to handle the tidewater. The POC emailed back she is out of office til Monday. She will get with real estate agent and get back to me early next week. They really only have two business days but I sometimes give them an extra day before I finish the report. It is a nice house. New construction. It has some stuff around it. Some of it really bad stuff. That is kinda the way South Memphis can be.

I don't have to tell you that.

I think somebody already stole the oven/range out of it. The HVAC unit was still there with like metal bars around it.

I could have called the agent directly but I would rather it go through my client. It is just the way I like to do it. I want my client in the center of the mix. If the agent would have handed me comparables when I was there, I would have gladly taken them. They could have left on the kitchen counter with my name on them.

I had to get access from the agent. Will the agent be happy? Likely not. Not my problem. Sometimes one agent will be happy and one agent won't be happy.

Salty? LOL I think of cured when I think of your expression of Salty.