Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 10-08-2009, 09:33 AM
Willy Willy is offline
 
Join Date: Jun 2007
State: Idaho
Professional Status: Certified Residential Appraiser
Posts: 89
Default Unusual Condo question

I performed an appraisal on a property in a resort town in Idaho (McCall).

The property is a detached 2,000 sf single level on .44 acre.

I obtained the the legal description from the assessor which was something like "Unit 11 of Timberlost III"

The title commitment (not the public records) indicates that the subdivision was developed as a condominium project.

So....10 months after the deal has closed, an auditor from the bank is asking me to re-write the report on a 1073 (I of course originally wrote it on a 1004).

I think this makes no sense. Every dwelling in the tract is a detached SFR on at least a 1/4 acre. There are HOA due sthat maintain a golf cart path and thats it. No amenities like pool, clubhouse....the homeowners own the dwelling - not just the airspace. There is no common area.

I would like common sense to prevail, but we are dealing with mortgage lending so we know that won't happen.

Any thoughts on how to handle this?

Pretty ridiculous request in my opinion....
Sponsored Links

  #2  
Old 10-08-2009, 10:58 AM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,185
Default

Suggest obtaining a copy of the Prospectus, may very well be a Planned Unit Development w/ townhouses (condos) and detached SFR w/lot ownership adjacent to the Golf Course.

TIMBERLOST 1
TIMBERLOST 1 (PAR 4 SUB)
ARLISS KELLY
(208) 634-9743 Home/Cell



Comment: $75/YEAR




TIMBERLOST II
TIMBERLOST II
JIM & MARILY ARP
PO BOX 228

McCall, ID 83638

(208) 634-5833 Work
Comment: $150 7/1 TO 6/30




TIMBERLOST III
TIMBERLOST III
MARILYN ARP
(208) 634-5833 Home/Cell


C/O JIM ARP
PO BOX 228
McCall, ID 83638
Comment: $160 YEAR JULY TO JULY




TIMBERLOST IV & V
TIMBERLOST V

PAT RADER
PO BOX 2128

McCall, ID 83638

Comment: 150.00 Sept. to Sept.




TIMBERLOST VI
TIMBERLOST VI
Ray Vertrees
(208) 634-8674 Home/Cell


PO BOX 4472
McCall, ID 83638
Comment: $230 Jan - Dec for 2007 / $200.00
TRANSFER FEE



Includes Fairway Ridge & Birdie Glen Townhouses.
Please send WD when ownership changes.


Also suggest contacting CITY Building Official: Nick Nicholas
http://www.mccall.id.us/government/i...overnment.html OR

http://www.co.valley.id.us/building.htm << County


Recommend meeting >>>> Jane who most likely has copies of the prospectus for EACH Phase.
http://www.mountainlakesrealty.com/s...676detail.html


ALSO recommend obtaining a copy of the recorded DEED for the actual Legal Description.
__________________
Kill the Contract Review Bull$eye - Now.
  #3  
Old 10-08-2009, 11:29 AM
Willy Willy is offline
 
Join Date: Jun 2007
State: Idaho
Professional Status: Certified Residential Appraiser
Posts: 89
Default

There are a couple phases with townhomes...not the phase I am working in. Yes - the deed says condominium.

I still question how appropriate it is to write an appraisal for a detached SFR on .44 acres on a form 1073. In my mind it is a bit misleading (which of course USPAP frowns upon).
  #4  
Old 10-08-2009, 11:29 AM
DMZwerg's Avatar
DMZwerg DMZwerg is offline
 
Join Date: Mar 2009
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 4,485
Default

Quote:
Originally Posted by Willy View Post
I performed an appraisal on a property in a resort town in Idaho (McCall).

The property is a detached 2,000 sf single level on .44 acre.

I obtained the the legal description from the assessor which was something like "Unit 11 of Timberlost III"

The title commitment (not the public records) indicates that the subdivision was developed as a condominium project.

So....10 months after the deal has closed, an auditor from the bank is asking me to re-write the report on a 1073 (I of course originally wrote it on a 1004).

I think this makes no sense. Every dwelling in the tract is a detached SFR on at least a 1/4 acre. There are HOA due sthat maintain a golf cart path and thats it. No amenities like pool, clubhouse....the homeowners own the dwelling - not just the airspace. There is no common area.
I have seen similar condo projects in the Lake Geneva area. It is not that uncommon for resort areas where properties are often "second homes" or vacation properties and thus the owners, not wanting to be burdened with maintenance, etc, often prefer condos but wanting to maintain the SF nature go for the detached SF-type of condo/PUD development with HOA & fees.

Yep, its a condo, but I could see arguing for the SF form due to individual basements and lot rights. Form 1073 would basically require use of selectable areas for lot size & basement size/type/finish.

Good luck! (and see Mike's post above)
__________________
- D. M. Zwerg

Being a fee appraiser is like being unemployed and constantly looking for work.
  #5  
Old 10-08-2009, 11:37 AM
DMZwerg's Avatar
DMZwerg DMZwerg is offline
 
Join Date: Mar 2009
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 4,485
Default

Quote:
Originally Posted by Willy View Post
I still question how appropriate it is to write an appraisal for a detached SFR on .44 acres on a form 1073. In my mind it is a bit misleading (which of course USPAP frowns upon).
But it is a CONDO of the type SF-Detached (or SFC for Single Family Condo if you prefer). I have seen quite a few Duplex Condos as well, all detached except for the twin/pair (probably the most common type here after mid-rise, and followed by Quadplex condos).
Attached Images
File Type: jpg Condo Form Sample.jpg (83.7 KB, 11 views)
__________________
- D. M. Zwerg

Being a fee appraiser is like being unemployed and constantly looking for work.
  #6  
Old 10-08-2009, 11:38 AM
Pittsburgh Pete's Avatar
Pittsburgh Pete Pittsburgh Pete is offline
 
Join Date: May 2008
State: Pennsylvania
Professional Status: Certified General Appraiser
Posts: 11,323
Default

Quote:
Originally Posted by Willy View Post
There are a couple phases with townhomes...not the phase I am working in. Yes - the deed says condominium.

I still question how appropriate it is to write an appraisal for a detached SFR on .44 acres on a form 1073. In my mind it is a bit misleading (which of course USPAP frowns upon).
It's a condo--it's a SF detached dwelling. It's two, two, two units in one. Misleading to complete an appraisal of a condo on a condo form? Gotta explain that one.
  #7  
Old 10-08-2009, 12:02 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,185
Default

Willy - who owns the lot?
__________________
Kill the Contract Review Bull$eye - Now.
  #8  
Old 10-08-2009, 12:11 PM
DMZwerg's Avatar
DMZwerg DMZwerg is offline
 
Join Date: Mar 2009
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 4,485
Default

Quote:
Originally Posted by Willy View Post
Fine....
is it important to know the parking ratio for this property? Yes (solo on 1004)
The # of owner occupied units? Yes (always applicable)
Guest parking? Yes (some may have "no parking on grass regs, etc)
An entity owning more than 10% of the project? Yes (remember, phase / project NOT SF ownership)
Commercial space? Yes (probably one of the more important if tied to a golf course or resort building)
Converted from an existing building? In some cases maybe (sometimes older structures get incorporated)
Adequacy of parking facilities? Often less of a problem, but yes.
Are the units separately metered? Answer is usually "yes" rather than "N/A"

How many ** times do I need to put "NA" on the form before it becomes obvious that this form wasn't designed for this type of property?
You say "Not Applicable" I say "Quite Probable". Not Applicable, Quite Probable, Potato, Potato, let's call the whole thing off!

(couldn't resist the musical interlude especially when I substitued "quite probably" instead of "Yes")


Bottom line is that it may well be applicable and many of your peers use the 1073 for Duplex condos as well as SF detached condos. I only recently heard of appraisers using 1004's for some condos!
__________________
- D. M. Zwerg

Being a fee appraiser is like being unemployed and constantly looking for work.
  #9  
Old 10-08-2009, 02:37 PM
Willy Willy is offline
 
Join Date: Jun 2007
State: Idaho
Professional Status: Certified Residential Appraiser
Posts: 89
Default

I think I've got this figured out how to make this right in my mind:



  #10  
Old 10-08-2009, 02:51 PM
Willy Willy is offline
 
Join Date: Jun 2007
State: Idaho
Professional Status: Certified Residential Appraiser
Posts: 89
Default

Quote:
Originally Posted by DMZwerg View Post
You say "Not Applicable" I say "Quite Probable". Not Applicable, Quite Probable, Potato, Potato, let's call the whole thing off!

(couldn't resist the musical interlude especially when I substitued "quite probably" instead of "Yes")


Bottom line is that it may well be applicable and many of your peers use the 1073 for Duplex condos as well as SF detached condos. I only recently heard of appraisers using 1004's for some condos!

So if you were appraising this property and it was NOT a condo, would you put in your addendum that the subject property had zero elevators and then disclose the number of owner occupants in the subject's plat?
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 08:52 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93