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Condo Form And Project Section

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susan weis

Freshman Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
Virginia
Help. I've got a condo that is part of a larger development (retail, apartments, condos, and THS). In the project portion of the form............do I fill out as it only pertains to the "condo" portion? or the entire project as a whole?? Thanks so much.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
You need to better define what your property is. You state that you subject is located within a larger development. Is the entire development a condo, inclusive of all components (retail and residential)? Or is each component of the development totally separate and independent from one another? Or is there a master association of which all of the components are under?

If the your subject is a separate condominium independent from the others within the larger development, then you would include only the info for your project in the fields, but still explain in the narrative that it is located within the larger development. If it is within a master association, you would still report only your subject in the fields, but convey even more detail about the overall project in that you are regulated by multiple associations that likely have multiple fees.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Help. I've got a condo that is part of a larger development (retail, apartments, condos, and THS). In the project portion of the form............do I fill out as it only pertains to the "condo" portion? or the entire project as a whole?? Thanks so much.

I just did a similar one. it is a condo in a PUD(Largest in area) where there are several condos, single family, townhouses, and commercial, retail,schools, etc. A true PUD. Only the Condo data of the condo you are appraising goes on the form. The management agent would not cooperate and wanted me to purchase a "resale package". This was a liquidation appraisal. I said that was beyond my scope of work and left all the condo project data blank.
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
Perhaps not on point, but I have found that many, if not most, of the condo/puds in which I've appraised individual units the HOA or the management company would not provide project information without levying a significant charge. When that has occurred, I've gone back to the clients and asked that they obtain the information from the management entity and provide it to me.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Perhaps not on point, but I have found that many, if not most, of the condo/puds in which I've appraised individual units the HOA or the management company would not provide project information without levying a significant charge. When that has occurred, I've gone back to the clients and asked that they obtain the information from the management entity and provide it to me.

That is fine, on a sale or a refi. But the VA is not going to do that. They can however, take the condo off the approved list.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
On a Sale (or Short Sale) the lender already has the condo information, you can generally go back to them for it, if the U/W is cooperative.
On ReFinances, let the lender or homeowner pay for the data, or leave it blank if they won't
- in the 2nd case, *make sure* you note the reason why data is missing in the report, and
place that on a Form, not an Addenda, page - You don't want that to get "lost" if the mortgage goes bad.

Isn't it wonderful that we need to protect ourselves from our clients.

/
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
On a Sale (or Short Sale) the lender already has the condo information, you can generally go back to them for it, if the U/W is cooperative.
On ReFinances, let the lender or homeowner pay for the data, or leave it blank if they won't
- in the 2nd case, *make sure* you note the reason why data is missing in the report, and
place that on a Form, not an Addenda, page - You don't want that to get "lost" if the mortgage goes bad.

Isn't it wonderful that we need to protect ourselves from our clients.

/
In the case of a Liquidation(VA Foreclosure) no one is going to pay for anything they don't have to. And, in most cases the lender and the VA likely does not have a copy of an appraisal done years ago. The lender is expecting to collect money from the VA on the VA Loan Guarentee, not pay out money unnecessarily. They even bill VA for the appraisal fee.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
In the case of a Liquidation(VA Foreclosure) no one is going to pay for anything they don't have to.
Agree .....was the same story for FNMA's REO appraisals.
Just put whatever info you can in the little boxes.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I did an appraisal last year and it was the first time I ran into mixed uses in a PUD where the residences were condos. Very interesting. Also, if the management company won't provide data without paying for it just report that and move ahead.
 
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