Fannie Mae Form 1073 Condo

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by tmeyer, Feb 27, 2008.

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  1. tmeyer

    tmeyer New Member

    0
    Feb 14, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I have not filled out a condo form in 4+ years - back in training. I am looking to become competent. Please advise as to what information I am to fill in on page 2 - under the UNIT DESCRIPTION SECTION - LINES 1 AND 2 - REGARDING: Unit charge...Annual Assessment....my assignment is a purchase. The unit is not a rental. Are they looking for rentals in this condo project? Is this similar to doing an income approach on a single family unit? Additionally, is there any books or website that one can refer to on "filling out forms"...thank you
     
  2. ZZGAMAZZ

    ZZGAMAZZ Senior Member

    0
    Jul 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    "UNIT CHARGE" is the monthly HOA fees. The remainder of the line autofills in ACI. In my limited experience, this data pertains to the subject only, although one might want to analyze the per/sq/ft/ fee against that of the comparables in order to answer the question "Compared to other competitive . . . "
     
  3. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    I agree. And, the only rental data they want is how many of the units are rented. If more than 50% most lenders will reject it.
     
  4. Charles Knutson

    Charles Knutson Member

    0
    Jun 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    The HOA management company can supply you with the relevant information: number of units, number of parking spaces, number of rentals, subject HOA fees, number of phases, HOA amenities, elevators, stories, if it was a conversion and when it was converted, etc.

    If the HOA won't supply the information (or if they charge an arm and a leg to provide it) you can use the public records to determine how many units are owner occupied. If I have exact figures from the HOA, I use them; if it's an estimate based on the ratio of units with mailing addresses other than the unit, I'll estimate the percentages +/-.

    On page two, where the report asks for the annual budget, this is my standard comment:

    "The HOA's annual budget was not available at the time of this report."

    As far as comps go -- some lenders want to see all the comps from within the project, others want comps from other projects; more than 3 comps is the best way to cover all the bases.

    Good Luck!
     
  5. Randolph Kinney

    Randolph Kinney Elite Member

    10
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Access CondoCerts for your HOA and other information:

    It is free for appraisers but you have to register.
     
  6. ZZGAMAZZ

    ZZGAMAZZ Senior Member

    0
    Jul 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Mr. K: Does condocerts ever provide the O/T occupancy ratio?
     
  7. Randolph Kinney

    Randolph Kinney Elite Member

    10
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I am attaching a sample of what is typical for a condo complex.

    What it provides is the number of off site mailing addresses, which is inferred to be where the owner really lives.
     
    Last edited: May 3, 2008
  8. ZZGAMAZZ

    ZZGAMAZZ Senior Member

    0
    Jul 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    As always, thanks!!!
     
  9. tmeyer

    tmeyer New Member

    0
    Feb 14, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    thanks everyone...I've now decided... I don't like doing condo's...LOL
     
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