• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Condo Vs. SFR

Status
Not open for further replies.

JPT

Freshman Member
Joined
Oct 18, 2017
Professional Status
Real Estate Agent or Broker
State
California
I have seen on at least a few occasions that the cost of an appraisal of a Condo is greater than the cost of one done on a SFR (very similar appraised value). Is this typically the case and, if so, why?

Thanks!
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
My base fee is the same for both.
 
D

Deleted member 134708

Guest
My fee is $100 more as I have to call and find out condo info. If you gave me the condo docs as part of initial engagement it would be $0 extra. I've never had a banker give me condo docs.
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
$100 to make a phone call? :rof:
 
D

Deleted member 134708

Guest
@OP

Also, without being exact in launguage, you're gathering info on a subject property and a complex too. SFR just gathering info on 1. The 1004MC also requires, 2 different parameters.

In the end, more time involved gathering info and writing.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I'm with Nottrav on this one. I deal with a decent amount of condo's in my market(s).

In my markets, the condo is often run by an outside mgmt company. Getting the condo info from them is many times like pulling teeth and MANY demand a fee (upfront!) for said info. Thankfully almost all of my current clients provide me with a condo questionnaire (some questionnaires are better than others) and this is very helpful. So currently, because of my current clients, I do not charge anything extra for condos

BUT!

A few years ago, I used to charge anywhere between $25-50 more for condo properties b/c those clients were horrible in getting me a questionnaire, let alone the HASSLE of obtaining the info from the said property management companies; thus the extra fee.

FWIW, the questionnaires I've seen (some are VERY detailed, others hardly give the total number of units in the project, let alone the other necessary info for us to fill out the condo report) the fees for such from the property mgmt (in my markets) range from $100-200 (plus a rush fee if so requested) and again, many hardly have the necessary info required from the 1073 (condo) form
 
D

Deleted member 130081

Guest
Condos require additional research and analysis, which almost always requires the appraiser contact the HOA and/or management company - much of this has little or nothing to do with the valuation, rather the eligibility of the project. This just takes more time. The valuation part is often easier than a single family. I charge an extra $25 and refuse to pay any fee a management company wants to charge for the info. I applaud others who charge more than that, because it sends a message that appraisers ought to stick to appraising and not underwriting.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Questions about how many of the u its are rentals, etc, etc. all of which require additional research and time. All we can sell is our time and expertise. More time required on one report means less time for other reports.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
I can only talk about California- But since 2008 Condos are way more work than a SFR - If the lender was doing their job a condo -certification would be included with the order showing how many Owner occupied units- Rentals Fazes Etc-BUT the local Home Owner Associations realized they can make a ton of money when their owners sell or refinance and in some cases it's as much as $350-$400 to get the certification BUT they have special limited appraisal packages for $50.00 to $100.00 which shows how many units etc but The lender is not going to pay the appraiser for it so the appraiser either manually counts the number of units or just makes a wild *** guess

The lender cannot fund or sell a loan to Fannie-Freddie-FHA until they have the certification in there file so the lenders learned a new game and it was called order the appraisal first to see if there is value ---Once the lender gets the appraisal if the value is OK they order the Condo-Cert and a week later they contact the appraiser saying - Hey guy here is a copy and there are 250-units not 225- and there are 3 fazes not two and the amount of non-owner units is not 18% it's 15%--Finally the appraiser has the correct data and then is asked to revise the report based on the condo -certification- another hour of time -- Give me a SFR any day of the week a $600,000 house in my area is way easier then a $350,000 condo.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks