apprzr951
Freshman Member
- Joined
- Feb 6, 2006
- Professional Status
- Certified Residential Appraiser
- State
- California
I’m having a hard time determining if a property I am appraising is an attached condo or PUD. The homeowner is adamant it’s a townhome, it was sold as an attached SFR when the buyer bought it a little over a year ago. It is located in a small community with a total of 33 units/homes. Approximately 5 of the 33 units are detached. The legal description denotes “common areas”, the plat map is consistent with a condominium project (I didn’t see any individual parcels) and over the past few years most (not all) of the MLS activity in this development was shown to be attached condos.
As I was walking through the development I happened to come across VP of the HOA, she provided me with a copy of the rules and regs and CC&R’s, the CC&R’s do not state one way or another if this is a condo or attached SFR, however, the rules and regs have a section titled “Maintenance of your condo unit.” BTW, this is an FHA Appraisal for a Reverse Mortgage, I tried to find the subjects condominium project on HUD’s website, however, it was not located.
I contacted the AMC that ordered the appraisal and discussed my concerns (this was prior to the inspection and being provided with the CC&R’s and association rules), they put it on hold, and then said to move forward. “Please continue on the Single Family format. Additional research shows that the property is a detached SFR , land use & county use shows as SFR. APN # zzz-zzz-zzz. I probably would not hurt for the appr to verify w/ the borrower, but everything we have shows the property is a single family & not a condo.”
For the record, the subject is not detached like the client and AMC thinks, it shares a common garage wall. I am trying to do my due diligence and don’t want to do it as an SFR just because the client requested it. I need to get to the bottom of the property type before I can move forward. I don’t want to be narrow minded, but the saying if it walks like a duck and talks like one comes to mind. My concern is the liability on my part. Should I do it on the 1004 and make it subject to UW reviewing a Title Report, notify the AMC if it is determined to be anything other than an SFR and a form change is required, this will be considered a new assignment (new fee?)
How would you approach this?
Any advice would be appreciated.
As I was walking through the development I happened to come across VP of the HOA, she provided me with a copy of the rules and regs and CC&R’s, the CC&R’s do not state one way or another if this is a condo or attached SFR, however, the rules and regs have a section titled “Maintenance of your condo unit.” BTW, this is an FHA Appraisal for a Reverse Mortgage, I tried to find the subjects condominium project on HUD’s website, however, it was not located.
I contacted the AMC that ordered the appraisal and discussed my concerns (this was prior to the inspection and being provided with the CC&R’s and association rules), they put it on hold, and then said to move forward. “Please continue on the Single Family format. Additional research shows that the property is a detached SFR , land use & county use shows as SFR. APN # zzz-zzz-zzz. I probably would not hurt for the appr to verify w/ the borrower, but everything we have shows the property is a single family & not a condo.”
For the record, the subject is not detached like the client and AMC thinks, it shares a common garage wall. I am trying to do my due diligence and don’t want to do it as an SFR just because the client requested it. I need to get to the bottom of the property type before I can move forward. I don’t want to be narrow minded, but the saying if it walks like a duck and talks like one comes to mind. My concern is the liability on my part. Should I do it on the 1004 and make it subject to UW reviewing a Title Report, notify the AMC if it is determined to be anything other than an SFR and a form change is required, this will be considered a new assignment (new fee?)
How would you approach this?
Any advice would be appreciated.
