Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation4

Appraiser News

Fannie addresses ADU matters

Email A Friend Printer Friendly Version
0 comments
Appraiser News
Monday, May 8, 2023

In the Fannie Mae March newsletter, an appraiser’s question dealt with what constitutes a decommissioned ADU (accessory dwelling unit). Fannie responded with some specifics.

“Accessory dwelling units are a recurring topic that appraisers ask about through our appraisers’ inbox,” Fannie Mae said in the newsletter. “Recently, we received a question about decommissioning an ADU. The scenario presented was a property had a functioning ADU in the past (that would not be allowed as a separate unit per zoning), which the appraiser was told had been decommissioned. So how does the appraiser make the determination if the area is still an ADU? Is removing the stove enough? Do kitchen cabinets need to be removed, or could they be used for other purposes? Are bathrooms, OK?

“Instead of checking off each individual item, appraisers can refer to our requirements for classifying an ADU as a whole, keeping in mind that these are the minimum requirements for an ADU,” Fannie answered. “If the area in question does not meet all the items required, it is not considered an ADU.”

Fannie Mae’s policy indicates the requirement of “a stove or stove hookup (hotplates, microwaves, or toaster ovens are not acceptable stove substitutes).” If the stove has been removed, does the hookup still exist? If the answer is “yes,” it is still an ADU if all the other criteria are met. If the stove hookup (electric or gas line, etc.) has been removed, does it still qualify as an ADU? The answer is “no” because it does not meet the minimum kitchen qualification.

Similarly, Fannie goes on to say, if cabinets or bathrooms exist in an area that has previously been used as an ADU, they do not on their own classify the area as an ADU.

Today's other top stories
Veteran appraiser welcomes new industry role
Attorney addresses statutes of limitations concerning appraisers
Idaho appraisers facing challenges from uncooperative homeowners
CFPB, 5 other agencies issue joint notice of proposed AVM rule
Accurate Group releases Home Equity Loan Survey


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 375 times.
A Twitter List by ValuationReview

Print Edition - May 29, 2023

News by Topic   Special Reports   Events   Subscribe
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
 
 
2023 State of the Industry
2022 Appraisal Technology
Voice of the Appraiser
Finding and Training the Next Generation
Appraising in a New Environment
Green Appraisals
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
News by Edition   About   Other Publications    
May 1, 2023
May 15, 2023
May 29, 2023
Archives
 
Valuation Review
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
Dodd Frank Update
RESPA News
The Title Report
The Legal Description
   
Copyright © 2002-2023 Valuation Review
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.valuationreview.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> RESPA News
> The Title Report
> The Legal Description
> The October Store
Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
Sponsored Content
Current Edition
May 15, 2023
May 1, 2023
April 17, 2023
April 3, 2023
Archives
Appraisal Bias
2023 State of the Industry
2022 Voice of the Appraiser
Appraisal Technology
Real Estate Compliance Outlook
Finding & Training the Next Gen
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2023 Economic Forecast Series
Compliance Series
Manufactured Housing
Appraising Office Space Today
CFPB Unconstitutionally funded?
Eminent Domain
Move to ANSI Standards
Keys For Operational Efficiency
New DEI Regulations
Drones Do's and Don'ts
How to be an Expert Witness
Webinar Archives
Executive Interview Series
Social Media
Valuation Review
Contact Us
Advertise
Are You An Expert
Subscriber Agreement