1004 or 1073?

[Fernando]

If condo, do on 1073. If on 1004, do you follow Fannie and measure the condo using ANSI.
Why make it so complicated for yourself.

 

[bnmappraisal]

CONDOMINIUM

Didn't read everything, but the legal description says it all

 

[sputnam]

Didn't read everything, but the legal description says it all

Exactly

 

[Cob]

Didn't read everything, but the legal description says it all

Correct, the legal description shows the form of ownership as a Condominium, but if the unit is located in a subdivision that features only detached Condominiums, the appraisal can be completed on a 1073 or a 1004, either form is acceptable.

 

[Dublin ohio]

Correct, the legal description shows the form of ownership as a Condominium, but if the unit is located in a subdivision that features only detached Condominiums, the appraisal can be completed on a 1073 or a 1004, either form is acceptable.

Only if the detached unit is an actual site condo with an actual site as opposed to only the footprint of the unit

 

[Cob]

Only if the detached unit is an actual site condo with an actual site as opposed to only the footprint of the unit

B4-1.2-01, Appraisal Report Forms and Exhibits (02/07/2024)

This topic contains information on appraisal report forms and exhibits, including:

selling-guide.fanniemae.com

This DIRECT from Fannie Mae guide.

Uniform Residential Appraisal Report (Form 1004)

For traditional appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) based on an interior and exterior on-site physical inspection of the property by the appraiser. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as their principal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification.

 

[Cob]

Only if the detached unit is an actual site condo with an actual site as opposed to only the footprint of the unit

I have never seen a detached Condominium in Texas that wasn't on a typical residential lot/site, I have NEVER seen one that the site/lot was ONLY the property or only the footprint of the unit.

 

[Fernando]

I have never seen a detached Condominium in Texas that wasn't on a typical residential lot/site, I have NEVER seen one that the site/lot was ONLY the property or only the footprint of the unit.

Same here. Never seen a detached condominium. Usually attached townhome style condo unless it didn't have a common wall......

 

[Dublin ohio]

I have never seen a detached Condominium in Texas that wasn't on a typical residential lot/site, I have NEVER seen one that the site/lot was ONLY the property or only the footprint of the unit.

We have them all over the place around here. There are 3 of them within a mile of my house. They only own the footprint of the structure just like an attached condo. No way I could get by with putting them on a 1004. I only know of one true "site condo" project in my 8 county area and they are very high priced on 1-2 acre sites and were only done to get around zoning

Here is what the plat looks like

 

[Fernando]

Condos even detached condos should be on 1073 which is more appropriate form to use especially in describing the description of the condo project.
Because of my premium to do condos, I haven't been doing that many condos but do lenders still require you to indicate any pending litigations (see, so much work and investigation).