UAD in reference to "Actual Age"

[Marko11]

Performed an appraisal back in 02/2021. House was built in 2000. I calculated the "Actual Age" as 20, not 21. Lender is asking to change it to 21. I searched UAD , can't find anything pertaining to "when in the year is that year used in the Actual Age", Is it after JUne 1st? is it as of January 2? I am looking for documentation either way.

 

[Mike Kennedy]

Date of the Municipal C. of O. issue?? (i.e. legally habitable)

 

[Dublin ohio]

2021-2000=21. Only makes sense since it is highly unlikely that you would be able to track down the day, month and year every property was "built". If a new home was started in 2020 and completed 01/01/2021. What year was it "built". Do you go by when coo is issued. When construction was started or when construction was complete or when permit was issued or when coo was issued. Different areas treat it differently

 

[Marko11]

I am referring to the effective date. At what point is the year used? as of Jan 2nd, after the 1st half of the year, when the year is complete 12/31/2021?

 

[Dublin ohio]

Date of the Municipal C. of O. issue?? (i.e. legally habitable)

Valid. But that type of info is not necessarily easily accessible in many areas. Just use year built per county.

 

[Marko11]

Valid. But that type of info is not necessarily easily accessible in many areas. Just use year built per cif the home was built on Jan 1st 2020 and the effective date is 01/02/2021, would it be 21 years, or 20, if the effective date is 06/02/2021, is it 21 years . The month or date built is not a factor here.

 

[Dublin ohio]

I am referring to the effective date. At what point is the year used? as of Jan 2nd, after the 1st half of the year, when the year is complete 12/31/2021?

You are over thinking it. If built in 2000 and effective date is 2021. 21 years. Year starts on 01/01. Keep it simple. Uad does not ask for year, month and day. Just year built. You are opening up a can of worms. Do you want to take the time to find out the month and year "built" of every subject and sale?

 

[Dublin ohio]

Marko11 said:
"The month or date built is not a factor here.".

You just answered you own question. 2021-2000=21