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Underwriting conditions

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metropaul

Freshman Member
Joined
Feb 24, 2008
Professional Status
Certified Residential Appraiser
State
Louisiana
Has anyone ever had a condition like this?:
  1. Appraiser to state the mineral rights do not materially alter the contour of the property or impair its value or usefulness for its intended purposes.
 

Sid Pachter

Sophomore Member
Joined
Feb 26, 2008
Professional Status
Banking/Mortgage Industry
State
Florida
As a former UW, I never asked for something like you noted. However is there anything you omitted in the thread that could prompt an UW to make the inquiry.
 

The Warrior Monk

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Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
That's a condition that is likely specific to your area.
 

metropaul

Freshman Member
Joined
Feb 24, 2008
Professional Status
Certified Residential Appraiser
State
Louisiana
I have never had a condition like that here in my area. I have also consulted with (4) of my appraiser peers and they have also never heard of anything as such.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
When all else fails, ask to speak with the UW to determine what motivated the condition.
 

Kevin Little

Sophomore Member
Joined
May 25, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
We do appraisals in coal country where severed coal rights are quite common...it has always floored me that some of the deeds stipulate that any company removing the coal in the future was not liable for any damage done to the surface of the land or the improvements...they could collapse your house into a sink-hole, smile and say "tough luck, kiddo!", and leave.

Somehow, I think the courts would ignore the deed, given those circumstances...
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Get a hold of the underwriter and find out if he/she has a window in her/his office? Can they see outside and discover reality?

Sure mineral rights come up from time to time. What minerals are they asking about?

Just wondering
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Has anyone ever had a condition like this?:
  1. Appraiser to state the mineral rights do not materially alter the contour of the property or impair its value or usefulness for its intended purposes.
U W just out of college.Strips on the weekends to make ends meet..:rof:
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
In Anderson County, Texas and other east Texas counties, homes and even small communities routinely get demolished as the strip mine advances. You may have some former burger-flipper that doesn't understand the difference between hard mineral rights and oil/gas rights, and is worried that an oil well may affect the surface contour.

However if the home is built over a salt dome and the removal of the oil causes the salt dome to collapse, I guess an oil well can be said to affect the surface contour as well.
 

metropaul

Freshman Member
Joined
Feb 24, 2008
Professional Status
Certified Residential Appraiser
State
Louisiana
This is what the UW said in reply:

[FONT='Arial','sans-serif']We only need him/her to state that verbage on the appraisal. It is a FNMA requirement and it also is in our guidelines. [/FONT]
 
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