What makes a community a PUD

[Fernando]

Most of the time the title report is not available prior to the appraisal.

Call and you'll get it. If agents involved, they WILL get it to you as quickly as possible.
Being appraisal GOD, use your power.

 

[Dublin ohio]

Fannie Mae considers enforceable HOA fees as a basis for a PUD, which is not consistent with the definition.

You forgot a few 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.

 

[Dublin ohio]

Call and you'll get it. If agents involved, they WILL get it to you as quickly as possible.
Being appraisal GOD, use your power.

Only if it is available.

 

[Dublin ohio]

HOA is shifting costs to homeowners.

Government is shifting costs to homeowners.

Fixed it for you

 

[Fernando]

Only if it is available.

It's always available when I request it. Be proactive.

 

[Fernando]

You forgot a few 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.

Just look at Title Report. Condos and PUDs are difficult to distinguish sometimes. That's what Title companies are for.

 

[Dublin ohio]

Just look at Title Report. Condos and PUDs are difficult to distinguish sometimes. That's what Title companies are for.

You are by far the laziest appraiser on this forum

 

[Fernando]

If you don't get Title from agent then contact client.
Ask client, "Do you want it on Condo or PUD form?" Let them figure it out.

 

[Dublin ohio]

If you don't get Title from agent then contact client.
Ask client, "Do you want it on Condo or PUD form?" Let them figure it out.

You are by far the laziest appraiser on this forum

 

[Fernando]

When I was younger and dumber, I would make the call without looking at the Title report.
I had to convert the info from one form to another.
If client specifically ask you to do an appraisal on certain form and later they ask for changed form, you can ask for additional fee. Be smarter.