PUD info for new construction

[Tater Salad]

Please don't pelt me with rocks and garbage if this is a stupid question, but...

I don't do many new construction appraisals. Most that I've done in the past were in developments that were closing out. Today I had one that was the 5th house built.

When listing the number of units in the PUD, is it 5? Is it the number of sites that have been subdivided for sale? Is it another number altogether? I would look it up, but don't know where to look for guidance. Any help would be appreciated.

 

[Tim Hicks (Texas)]

Have the builder provide you with the information that you need. You may have to estimate the number for sale because it is probably changing daily. The builder and tax records should tell you how many units or lots or properties there are. If there are only five completed, then you may have a developer in charge of the HOA. Just go down the list of question with the builder. I hope this was helpful. I am out of rocks unless you want to discuss listing history.

 

[Tater Salad]

Thanks--I did ask, and the person at the sales office was an assistant and pretty clueless. I just wasn't sure if I report the number completed or the total sites available.

Some are sold, and not yet developed. I have all the numbers from tax records and driving the development, but it's just one of those things that seems obvious, yet I'm baffled 8O .

Worst case I get more info from the head agent when she's in on Saturday. Or, a long addendum with all the numbers, I guess!

 

[Mountain Man]

I would report the total number of lots and phases in the S/D, then comment that only 5 lots currently developed and on the market. Get the builder's estimate of the PUD dues, and when he plans to turn over control of the association to the home owners. This info is to help the UW assess their risk.

 

[Restrain]

Hypothetical - A new PUD with approximately 2000 lots planned in several sections, of which the first section is under development with 150 lots in the section, of which there are 10 homes. That's how I would show it, with 2000 lots in the PUD section, 1990 offered, and then comment.

 

[Tater Salad]

Thanks! Those responses sound like they cover any/all questions underwriting could have. Assuming that it even makes it to underwriting with that big crack in the foundation floor... :roll:

 

[Mountain Man]

:lol: You are having a grand day, are you not? :wink:

 

[Tater Salad]

Living life to its fullest

 

[Anonymous]

PUD stands for PLANNED unit development. The number of units, phases etc can be obtained from the local government unit which approved the plan.

 

[Tater Salad]

Agreed, but all they can tell you is what is planned, not what is done or half done, (or what may never be?). I just told them what is (number complete), what should be someday (what was PLANNED), and they can worry about the builder finishing the rest :twisted:

And what I called a PUD 10 years ago didn't include what Fannie calls a PUD now. Of course, I was on the other end of the lending chain back then. Didn't know what I didn't know, and am finding out that sometimes I still don't!

Hope I'm covered!