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Condo Addendum?

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JimInOR

Sophomore Member
Joined
Mar 5, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
I'm doing an appraisal of a detached condo (in a project of all detached condos). The lender wants it on a 1004 with a condo addendum. Any idea what form is used for a condo addendum? I thought they may be referring to a form 465, but it isn't applicable. I hate to ask the lender, "what's that". :)

Jim
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
I'm doing an appraisal of a detached condo (in a project of all detached condos). The lender wants it on a 1004 with a condo addendum. Any idea what form is used for a condo addendum? I thought they may be referring to a form 465, but it isn't applicable. I hate to ask the lender, "what's that". :)

Jim
sounds misleading to me. My 1004 report from specifically states in the Limiting Conditions "this report form is not designed ... for a unit in a condominium or cooperative project"

i'd probably decline that request.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
I'm doing an appraisal of a detached condo (in a project of all detached condos). The lender wants it on a 1004 with a condo addendum. Any idea what form is used for a condo addendum? I thought they may be referring to a form 465, but it isn't applicable. I hate to ask the lender, "what's that". :)

Jim

My bold, that's exactly why you need them to provide, in writing, exactly what they want; they may not be able to produce what they are asking for. Many years ago, there was a 1-4 family form and if I remember correctly, I believe you could put on Condo on it also; I think it was back in the 80's. The 90's saw some changes; today there are over 500 forms available.....Good Luck
 

JimInOR

Sophomore Member
Joined
Mar 5, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
sounds misleading to me. My 1004 report from specifically states in the Limiting Conditions "this report form is not designed ... for a unit in a condominium or cooperative project"

i'd probably decline that request.

Detached condos (in a project where all condos are detached) are commonly done on Form 1004: https://www.google.com/url?sa=t&rct...1.html&usg=AFQjCNF2BbbZpb5rKnQf4nYplGr_PyuZzA. If you look at the Purpose heading for 1004 it explains it. I'll just have to tuck my tail between my legs and ask the lender what they are referring to.

Jim
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Freddie Form 465/FNMA Form 1073. A 1980's form
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Perhaps you would be better off telling the lender the 1073 condo form is more appropriate. ?
Is this a client you have a long standing relationship with?
 

CigarDad

Junior Member
Joined
Sep 10, 2007
Professional Status
Certified Residential Appraiser
State
California
Fannie Mae Selling Guide
B4-1.2-01: Appraisal Report Forms and Exhibits


For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory apartment) based on interior and exterior property inspections. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as his or her 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.

In your addendum provide the above required information.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
I'm doing an appraisal of a detached condo (in a project of all detached condos).
Aren't these what are more commonly known as site condos? If so, then yes it is performed on a 1004 form. However, there is no "condo" addendum per se. You need to provide the necessary project information in your addendum as noted above.

For all the "geniuses" that saw fit to disparage the OP, it is quite clear that you don't know what it is you don;t know and should keep your uninformed comments to yourself.
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
VA requires the condo form for site condos.

Other direct lenders leave it to the discretion of the appraiser to select the form considered appropriate. I have seen credible site condo appraisals completed on both the 1004 and 1073 forms.
 
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