josephdifranco
Member
- Joined
- Mar 19, 2002
- Professional Status
- Certified General Appraiser
- State
- Illinois
When is a condo project completed? By my definition, I've always had a somewhat strict interpretation, that is, even if construction was complete, I wanted to see that all the units were sold and closed from the developer.
Now I will likely need a quote from FNMA to break the deadlock, the uw does not sound sure, but would like me to fill out the project completed section. This seems strange, as I marked the appraisal "subject to" due to the parking area not being complete, I wonder if I fill out the project completed section if the uw somehow will be relieved of some risk, I'm not sure why they care.
In addition to the definition of when to fill out the completed box, why do investors sometimes have a problem with a project incompleted box filled out, and sometimes they don't. This problem just seems to crop up about once a month.
Has anyone been asked to include a comment that the subject project has been completed subject to minor upgrades?
Thanks in advace for any advice/FNMA quotes,
Now I will likely need a quote from FNMA to break the deadlock, the uw does not sound sure, but would like me to fill out the project completed section. This seems strange, as I marked the appraisal "subject to" due to the parking area not being complete, I wonder if I fill out the project completed section if the uw somehow will be relieved of some risk, I'm not sure why they care.
In addition to the definition of when to fill out the completed box, why do investors sometimes have a problem with a project incompleted box filled out, and sometimes they don't. This problem just seems to crop up about once a month.
Has anyone been asked to include a comment that the subject project has been completed subject to minor upgrades?
Thanks in advace for any advice/FNMA quotes,