To PUD Or not to PUD That is the question...

[Jack Crabb]

That's the problem with some appraisers. They don't know how to investigate.
I can't hold your hand. It comes naturally for me. I think outside the box.

If underwriter says it's a PUD, don't come to the forum trying to get validation with peers saying underwriter doesn't know what he/she is talking about.
Go investigate.

It seems you think outside the box and read between the lines, missing most, if not all, of the relevant information...

I'm curious, what would you do during your investigation?

 

[jay trotta]

Straight from the Fannie Mae selling guide

B4-2.3-01, Eligibility Requirements for Units in PUD Projects (03/03/2021)​

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Introduction​

This topic contains information on PUD projects, including:

• PUD Project Requirements
• Eligibility Requirements for Units in PUD Projects

​

PUD Project Requirements​

For a project to qualify as a PUD, all of the following requirements must be met:

• each unit owner’s membership in the HOA must be automatic and nonseverable,
• the payment of assessments related to the unit must be mandatory,
• common property and improvements must be owned and maintained by an HOA for the benefit and use of the unit owners, and
• the subject unit must not be part of a condo or co-op project.

Zoning is not a basis for classifying a project or subdivision as a PUD. Units in projects or subdivisions simply zoned as PUDs that include the following characteristics are not defined as PUD projects under Fannie Mae’s policies. These projects

• have no common property and improvements,
• do not require the establishment of and membership in an HOA, and
• do not require the payment of assessments.

Fannie Mae classifies PUD projects as either

• Type E—established PUD projects in which the developer has turned over voting control of the HOA to the unit purchasers.
• Type F—new PUD projects in which the developer has not turned over voting control of the HOA to the unit purchasers.

In our area, you need PZC approval, and it gets recorded as such (Legally Permissible) falls under HBU

 

[Fernando]

It seems you think outside the box and read between the lines, missing most, if not all, of the relevant information...

I'm curious, what would you do during your investigation?

Each case is different.
Let me hold your hand. I would start with calling the listing agents from MLS in that area and asked about the HOA fee.

 

[Dublin ohio]

That's the problem with some appraisers. They don't know how to investigate.
I can't hold your hand. It comes naturally for me. I think outside the box.

If underwriter says it's a PUD, don't come to the forum trying to get validation with peers saying underwriter doesn't know what he/she is talking about.
Go investigate.

I would put you on ignore. But I use most of your approaches to solving problems as a reminder of what not to do.

 

[Fernando]

I would put you on ignore. But I use most of your approaches to solving problems as a reminder of what not to do.

If you ignore me, you'll make my life easier. Ugh.

 

[Dublin ohio]

If you ignore me, you'll make my life easier. Ugh.

Another reason NOT to put you on ignore

 

[Fernando]

Another reason NOT to put you on ignore

I admit you use to be even more ignoring.
You're a bit kinder now if that's saying much.

 

[sputnam]

Yeah... the 1st question would be... "Okay Mr/Ms Underwriter, exactly why do you think this property is in a PUD?"

 

[Jack Crabb]

Each case is different.
Let me hold your hand. I would start with calling the listing agents from MLS in that area and asked about the HOA fee.

No, you may not hold my hand, you creeper...

 

[Jack Crabb]

Yeah... the 1st question would be... "Okay Mr/Ms Underwriter, exactly why do you think this property is in a PUD?"

Thanks. I've asked that question multiple times now...