Condo or Attached SFR ?

[A New I T]

This is a good question and you have received a lot of feed back, some not so positive. Don't let anyone put you down just consider it a learning experience. We have all asked questions and have made mistakes-and if you haven’t your fooling yourself. It’s better to ask than to be called on the carpet to defend your report. Years ago I had the same question and with a good mentor I was set straight. Good luck and keep asking questions!

 

[Siggy]

Here in SoCal, we run into this quite a bit. We have attached and detached Condominiums that look and smell just like the attached and detached SFR's down the road. A couple of signals I use to put me on the right track are, the legal description from public records. Condos have a unit number as part of the legal, even if it's not part of the mailing address.

Also, typically (but not always) there won't be any lot sizes listed for condos in public records. This one is not fail-safe, but a pretty good indicator. Bottom line, if it's a condo, the prelim title report from the lender will say so, usually in all capitals, too!

For the OC, all condo APN's start with a 9.

One way NOT to make a decision: NEVER ASK THE HOMEOWNER. I've had to deal with more than one angry HO that didn't realize they bought a condo. THEY PAID $400K+ FOR THEIR HOME, BUT THEY DIDN'T KNOW IT WAS A CONDO!

and I'm the bad guy.

What's that assumption we make about typically motivated and KNOWLEDGEABLE buyers.......?

 

[Ken Youngkrantz]

Thanks for all of the reply's, they have been helpful. Webbed Feet, are you not feeling well today? When I was writing the question I figured you would rip me a new one but good. Thanks for your help.

Siggy, appreciate the information, will file that in the condo folder.

For all you people who did not read my question, but felt compelled to condemn me for not knowing the difference between a condo and a PUD. Sorry, but that was not the question. LOL All I can say is I hope that you read the information that you put into your reports better than you did my post.
Thanks Again
Ken

 

[timd354]

For all you people who did not read my question, but felt compelled to condemn me for not knowing the difference between a condo and a PUD. Sorry, but that was not the question. LOL All I can say is I hope that you read the information that you put into your reports better than you did my post.
Thanks Again
Ken

I reread your OP and it is quite obvious that you do not fully comprehend the difference between a condominium and a PUD. Your OP makes it clear that you somehow seem to think that the physical characteristics of the subject property have something to do with whether or not something is a condominium or PUD. The physical characteristics have nothing to do with whether a particular property is or is not a condominium....it is all about the legal description/legal documents. I have appraised condominium units that are units in apartment buildings, units that are townhouses or semi-detached units; detached units and even had one condo complex that consisted of 8 garden style apartment buildings where each building was setup as a seprate condominium condominium, and each building was located on a platted plot of land that was part of a land condominium regime that included the 8 building plots as individual condominium units in a "land condominium" and also included common elements including the swimming pool and recreation center - In essence each unit was part of a condominium that was itself part of a master "land condominium". I have also appraised units in PUD's that consisted of various combinations of 1 unit detached, attached, and semi detached properties; 2-4 unit properties of various layouts, mixed use properties, and subordinate condominium projects, where the condominium was set up under a master PUD. Additionally, believe it or not, I am even aware of one project in Maryland right outside of DC that is setup as a Coop that consists of 100+ individual single family detached homes.

The point to all of my rambling is that whether or not something is part of a condominium project and/or a PUD is only determined by the legal documents pertaining to the property and nothing else.

 

[Joyce Potts]

Have you ever appraised a condo? How do you know you did?

I assume in CA there is a Declaration of Condominium or some such document. Does one exist for this propety? Is there a recorded plat?

Because someone told me so. Just like all that information most put on the condo form based on verbal representations by someone who is here today, and gone tomorrow.

 

[Offshore]

Thanks for all of the reply's, they have been helpful. Webbed Feet, are you not feeling well today? When I was writing the question I figured you would rip me a new one but good. Thanks for your help.

Siggy, appreciate the information, will file that in the condo folder.

For all you people who did not read my question, but felt compelled to condemn me for not knowing the difference between a condo and a PUD. Sorry, but that was not the question. LOL All I can say is I hope that you read the information that you put into your reports better than you did my post.
Thanks Again
Ken

I hope the information in your reports is more concise than your poorly worded question. You asked for feedback and you got it. I’m sure most answered because your initial post was polite and humble; your latest post was anything but. To be dogmatic, your question was a stupid one and most trainees would know the answer, hell, most realtors and MBs would know the definition. Put that in your pipe and smoke it.

 

[NUTSaboutAPPRAISING]

Hello; I have never run into this before. How do you determine if a property is a condo or an attached single family dwelling in a PUD? I probably should have learned this a long time ago but I have never run across an attached single family dwelling in a PUD.
Assistance would be appreciated on this. Also, your criticism will be accepted!!
Ken

what did your mentor teach you????
an attached SFR does not have to be a condo nor a pud. who wons the land; are there condo docs; is there an HOA, management company??? the county zoning and recorder depts have all the answers. when in doubt start there.:icon_idea:

 

[Zero]

Any appraiser who does not know this should turn their license/certification into the state, because they are obviously not competent to appraise real estate.
m2:

SECONDED

I swear, the bulk of the questions posted on here recently are the most elementary, Appraisal 101, knucklehead questions.

Answers for the other knuckeheads

Q: No Comps
A: Look harder

Q:UW now wants market analysis
A: It should have been in the report to begin with

Q: It's a daylight basement, 50% below grade. Is it GLA
A: No. Basement is basement. Report it as such (in the preprinted form boxes provided), compare as the market dictates (explain in addendum). It's in ANSI and FNMA guidlelines.

Q: Are comp checks legal?
A: Of course, but it is actually an appraisal and must be reported as such with limiting conditions, certs, etc.

I don't mean to sound cold, but these questions come up so often and are so simple they shouldn't really be considered topics of discussion. Seriously, folks, these are questions we should expect in the Ask an Appraiser section, not URGENT!

Should we just create a FAQ for all these?

 

[Couch Potato]

Don't have a clue.

I don't mean to sound cold, but these questions come up so often and are so simple they shouldn't really be considered topics of discussion. Seriously, folks, these are questions we should expect in the Ask an Appraiser section, not URGENT!

Should we just create a FAQ for all these?

There is a sticky telling people to put appraisal 101 questions in the Newbie section, but since they have been appraising for years they don't realize that is where their questions belong.

 

[Dennis J. Black ASA IFAS]

Joyce,

Knowing you are not a nitwit I will assume you were being sarcastic.