Chapter
1 Appraisal & Property Requirements Page
1-18 The
property must be free of those foreseeable hazards and adverse conditions that
may: (1) affect the health and safety of the occupants (2)
affect the structural soundness of the improvements (3) impair the
customary use and enjoyment of the property The hazards include, but
are not limited to soil contamination; operating and abandoned oil and gas wells;
abandoned wells; slush pits; heavy traffic; airport noise and hazards; runway
clear zones/clear zones; proximity to high pressure gas, liquid petroleum pipe
lines or other volatile and explosive products; high-voltage transmission lines;
radio/TV transmission towers; excessive smoke, fumes, odors and stationary storage
tanks containing flammable or explosive material. Other hazards that must be assessed
include potential damage from soil or other differential ground movements, subsidence,
ground water, inadequate surface drainage, flood, erosion, excessive noise, defective
lead base paint (24 CFR Part 35) and other
hazards on or off the site. The appraiser is to note the proximity to dumps, landfills
and other sites that could contain hazardous wastes. If there is readily observable
evidence of on-site contamination, the appraiser will call for further inspection
in the �site section� of the appraisal report. Primary Reference for
articles in this section are Mortgagee
Letter 2005-48 Appendix D, HUD Handbook
4150.1 Rev-1 Chapter 4, HUD Handbook
4150.2 Section 2-2, & 24
CFR 200.926d
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