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  #1  
Old 02-27-2008, 12:07 PM
tmeyer tmeyer is offline
 
Join Date: Feb 2008
Location: Rockford, IL
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Default Fannie Mae Form 1073 Condo

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
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  #2  
Old 02-27-2008, 12:18 PM
ZZGAMAZZ ZZGAMAZZ is offline
 
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"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  
Old 02-27-2008, 12:52 PM
Mike Boyd Mike Boyd is offline
 
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Quote:
Originally Posted by ZZGAMAZZ View Post
"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 . . . "
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  
Old 02-27-2008, 01:22 PM
Charles Knutson Charles Knutson is offline
 
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Location: Denver, CO
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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  
Old 02-27-2008, 01:29 PM
Randolph Kinney Randolph Kinney is offline
 
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Access CondoCerts for your HOA and other information:

Quote:
CondoCerts is an Internet utility developed to simplify the process of delivering and obtaining Homeowners Association data and documentation for a variety of users in any association real estate transaction.
It is free for appraisers but you have to register.
  #6  
Old 02-27-2008, 02:20 PM
ZZGAMAZZ ZZGAMAZZ is offline
 
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Mr. K: Does condocerts ever provide the O/T occupancy ratio?
  #7  
Old 02-27-2008, 02:37 PM
Randolph Kinney Randolph Kinney is offline
 
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Quote:
Originally Posted by ZZGAMAZZ View Post
Mr. K: Does condocerts ever provide the O/T occupancy ratio?
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 by Randolph Kinney : 05-03-2008 at 03:05 PM.
  #8  
Old 02-27-2008, 02:41 PM
ZZGAMAZZ ZZGAMAZZ is offline
 
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As always, thanks!!!
  #9  
Old 03-10-2008, 07:32 PM
tmeyer tmeyer is offline
 
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thanks everyone...I've now decided... I don't like doing condo's...LOL
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