How do you identify a PUD

[sputnam]

PUD is a zoning and type of development... however, for Fannie/Freddie purposes, if there are mandatory HOA fees, then you check the PUD box and complete the PUD section of the form.

Even though the property may be detached, single family in a development with no common area except signage at the entrance to the subdivision, the GSEs call it a PUD if there are HOA dues. The lender wants to know if there are fees which, if not paid, can become a lien on the property.

 

[Mike Kennedy]

I can't post links b/c I'm a Newbie, but do web Search for "Appraisal Scoop - Planned Unit Development (PUD) - Appraiser vs Underwriter". The article I note above is dated August 20th, 2006.

The piece may help answer some of your questions w/ respect to PUDs.

http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2006/08/planned_unit_de.html

 

[Peter LeQuire]

"General Definition.A real estate project in which each unit owner has title to a residential lot and building and a nonexclusive easement on the common areas of the project..."

In this area is is not uncommon for the builders/developers to use the terms "condominium" and "PUD" interchangeably. Common is the naming and advertising of fee simple attached units being sold as condo units: this extends to the legal documents, as well, and a project can be called a condominium, yet the units are owned in fee simple.

I think it safe to say that if it's a GSE-related appraisal (or one for which a GSE form is required) Fanny's definition is propbably the one to apply.

 

[ctapraser]

Any relative on the wife's side of the family.....never mind I misread the thread.

 

[QWERTY Pi]

Thanks Mike! I hope that link helps anyone interested. Much obliged sir!

 

[Gregory Beck]

Usually the way I determine of a property is legally a PUD is checking the the deed, which says "A Planned Unit Development"....what method do you use?

Reason for asking, lender is saying its a PUD, deed doesnt refer to it as a PUD, but I pulled the subdivision plan, which indicates "P.R.U.D."...which i assume is planned res unit development(?)

Thanks

If there is any HOA fee paid at all. IT'S A PUD IT It could be zoned R-2 single family, but if there is any money being paid you always check off pud on the top of the 1st page where you put in the $$$. The zoning could be different, but the check box should be checked PUD

 

[ctapraser]

If there is any HOA fee paid at all. IT'S A PUD IT It could be zoned R-2 single family, but if there is any money being paid you always check off pud on the top of the 1st page where you put in the $$$. The zoning could be different, but the check box should be checked PUD

My bold,

Not sure about FLA, but this is NOT always true in CT. You can review deed, and title to help find the answer.

 

[residentialguy]

My bold,

Not sure about FLA, but this is NOT always true in CT. You can review deed, and title to help find the answer.

No, you don't. They don't have the correct answer. It's not a state issue, it's a Fannie report issue. Fannie wants to know if it has mandatory HOA fees. If it does, then you must mark the PUD box. Feel free to give a complete dissertation on your additional comments regarding state definition...whatever blows your skirt up. :new_blowingup:

 

[ctapraser]

No, you don't. They don't have the correct answer. It's not a state issue, it's a Fannie report issue. Fannie wants to know if it has mandatory HOA fees. If it does, then you must mark the PUD box. Feel free to give a complete dissertation on your additional comments regarding state definition...whatever blows your skirt up. :new_blowingup:

He never said "mandatory" in the post I quoted....

 

[ctapraser]

No, you don't. They don't have the correct answer. It's not a state issue, it's a Fannie report issue. Fannie wants to know if it has mandatory HOA fees. If it does, then you must mark the PUD box. Feel free to give a complete dissertation on your additional comments regarding state definition...whatever blows your skirt up. :new_blowingup:

Also, from another thread...


Does anyone else see the mandatory HOA dues as ONE of the tests for PUD.

It seems there are two parts, 1..the mandatory dues and 2..a project or subdivision that consists of common property and improvements that are owned and maintained by the HOA for the benifit and use of the individual PUD units.

It would seem that JUST the mandatory dues does not automatically make it a PUD, you also need the common property, no?