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

[Mark K]

Just ask the lender to provide the pud docs you cannot find (because there are none).

This^^^.

You've done your research and found no evidence of PUD. Put the onus on them to prove otherwise.

 

[Mark K]

Do you realize how totally ignorant the above sounds?

Several thousand brain cells commit suicide every time a person reads one of his posts.

"Ignore" button will help maintain brain health; otherwise you might end up like Slow Joe.

 

[ramrcdk]

What is this voluntary thing abou? Somebody has to pay for the upkeep of the development entrance only. Nothing's free in this world except for many government giveaways.
You better investigate this further.

I reside in a Voluntary dev'. The front entrance is maintained by "volunteers". Perhaps back in the 60's it may have been
but via the overseer says: turned to voluntary and there are no Other Recorded Records "available" to read.

However: likely found within the Deed. However, the most recent of ""re-re-re sale deeds"" likely would not mention the word PUD, by description.

 

[Dublin ohio]

That makes this case an anomaly... Mandatory HOA fees are not all this lender cares about. I wish it were that simple...

I've iterated and reiterated that point - there are no mandatory HOA fees.

Is this a Fannie loan. I know your a saying that the "lender" is requiring it. Lenders can require information above and beyond Fannie guidelines. But I do not believe that they can add requirements that contradicts Fannie guidelines

 

[Dublin ohio]

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.

 

[Fernando]

This^^^.

You've done your research and found no evidence of PUD. Put the onus on them to prove otherwise.

If many appraisers think like you and follow the herd mentality, say it's not a PUD.
Follow the peers and say it's not a PUD.
Even tough it's a PUD.

 

[Dublin ohio]

If many appraisers think like you and follow the herd mentality, say it's not a PUD.
Follow the peers and say it's not a PUD.
Even tough it's a PUD.

Funny coming from somebody that regularly asks for a prelim

 

[Fernando]

Funny coming from somebody that regularly asks for a prelim

What's wrong with getting a prelim? I'm doing my due diligence, not like some appraisers. I know how to cover my as*.
I look at the overall picture and do what's "best".
If client insists on calling it a PUD, then find out about the PUD situation.

 

[Dublin ohio]

What's wrong with getting a prelim? I'm doing my due diligence, not like some appraisers. I know how to cover my as*.
I look at the overall picture and do what's "best".
If client insists on calling it a PUD, then find out about the PUD situation.

If many appraisers think like you and follow the herd mentality, say it's not a PUD.
Follow the peers and say it's not a PUD.
Even tough it's a PUD.

Make up my mind for me.

 

[Fernando]

Make up my mind for me.

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.