Quote:
Originally Posted by DickR
Gee, does that bank really imagine that a dozen property owners would somehow let their road become impassable, especially if it's waterfront property involved? Have they gone "regulation nuts?" Maybe your neighbor should tell the bank that they should be realistic if they want the continued business. There are other banks. Maybe the bank official is from away, and has no understanding of how rural life works. Jerk his chain a bit.
Our road is shared by several dozen property owners, and there is no document in place for road maintenance. One of the owners collects the money and arranges for maintenance each year. No problems at all, really.
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It's not really a specific bank - this is being driven by Fannie Mae and from what I understand it really boils down to whether or not the appraiser recognizes that it's a private road. If they are not on the ball they may not realize it thus they don't check the box requiring a maintenance agreement.