Okay,
I couple of years ago I did a series of elevation certificates on a rural house down the road. I actually did one just after a flood and another after the house was elevated. Yesterday the client contacted me about providing another EC on the barn. They are trying to refinance and the lender is telling them they need flood certificates on all structures.
How do I identify the building as separate from the residence? Do I leave everything the same on both EC's in items A1-A3 and just note that it is for the barn in item A4?
Thanks for the advise.
John Putnam
Maybe it's just me
But, I dislike lenders getting carried away with such details on low-value, unoccupied structures. Next they'll want the dog kennel and the tree house. Whatta buncha hooey!
On a survey last week the client explained that the bank not only wanted the real estate, but, all of the business-related equipment including all vehicles plus an additional 80 acres that is her share of what she should inherit from her father if he kicks off before he runs out of land to pay for his nursing home stay. As she put it, "They've asked for every piece of information there is to know about me except my underwear size." I told her that if they ask her for that to respond with "Small." and dare them to make any comment. (Small would not be the most correct answer.)
By memory, there is a space to identify the structure on the first page.....residential, non-residential, etc. You can always describe the structure in the comment section on page 2...and of course if the Cert is for the purpose of insurance, then photos can tell the remainder of the story. The foundation choices are still the same,,,maybe a slab on grade with a note there is not floor....'cause its a barn.
I've been asked to provide Certs for storage sheds large enough that valuable yard tools (lawn mowers, etc) could be stored...and thus damaged if below the BFE.
I was told the reasoning / request was from the ultimate holder of the note....in accordance with their new guidlines....can't recall if it was a FHA loan or Fannie Mae.
I have a client now that need Certs on 4 accessory structures and an old house that serves as the office for a large commercial entity. The accessory structures are all used for storage of their materials....so potential damage is there.
But, will they ever pay for contents? Man, that flood got my 1949 Jackie Robinson mint-condition trading card!
I do Ecerts on multiple structures all the time. The lat long at the front door combined with a decent description in comments should do the trick...
Pricing query
How much is the relative fee to do an EC for a low-value, uninhabited structure compared to one for a high-value, inhabited structure?
As mentioned before A1-A2 is the same. A-3 check with the assessor to see if it might be a different parcel no. A-4 "Accessory"
The lat/long will be different for the barn plus the pictures will identify it. Add any commnent you feel as necessary to cover yourself.
Pricing query
Same price, but that is not an issue with the client. It might have been cheaper if the client requested it at the same time as the house.
