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Condo- Design (style) 1073 Form

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by ibvoor, Jun 30, 2007.

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  1. ibvoor

    ibvoor New Member

    0
    Apr 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    This is not a big deal, but I am interested in knowing what others do.

    Our office uses Day 1 Forms. In the sales comparison approach grid, the line that states "Design (style)" is confusing to me. Do they want the style of the project (ie high-rise, lo-rise, garden etc), or do they want the style of the unit (flat, bi-level, townhouse etc). There are other places on the form where both types of information are already stated.

    Which information do you provide? Is there some document out there that clearly states what is expected to go in that line of information?

    Thanks,
    Iva Voorhees
     
  2. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    I would think any Residential Appraisal book by Henry Harrison would be a good source for you to find that information.
     
  3. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Good question. I don't recall that ever coming up here. That leads me to think most clients do not care. I use townhouse or garden. I have never done a condo in more than a 4 story building but I suppose if that is what you were appraising, High Rise might be a good choice.
     
  4. Don Clark

    Don Clark Elite Member

    7
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I took a course through Fannie Mae in May 2005 to teach others how to use the "new" Fannie Mae forms. When dealing with the unit, the units style should be noted. When answering questions about the condo complex, the complex style should be noted. They could be one and the same but will sometimes be different.

    I use a text (a nationaly recognized publisher) when teaching appraisal courses. I find that the information relative to filling in the form(s) is for the most part wrong. I have written to the publisher so far to no avail. For example. When the publisher list the style of a house(1004 form) it is listed as either 1 story or 2 story. It should be ranch, colonial or whatever is the appropriate style. And, when describint the improvements(Example w/w carpeting) they never put the condition. If you look carefully at the form it calls not only for the material but it's condition. I have been told that 2 of their text are being rewritten and would I like to review them prior to publisheing. The answer is ....


    Hell Yes!
     
  5. ibvoor

    ibvoor New Member

    0
    Apr 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanks for the replies. Don, your suggestion of putting in the unit, not project, design makes the most sense to me now that I think about it. The sales comparison grid deals mostly with details of the individual unit.

    Like I said, it is not a big deal - and you are correct, Mike, in that I have never been questioned on it even though I have put both project and unit design in that line.

    I would like to try to complete the information how it is intended, even though there is much to be desired in trying to interpret these new forms.

    Thanks, again.
     
  6. Greg Parker

    Greg Parker Member

    0
    Mar 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    I use that form more than anything, and Mr. Clark is hitting the nail on the head.

    For that section, I typically use flat, garden or townhouse. On rare occasions, I use Bi-level for the very rare two story unit in a high rise building.
     
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