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Condo Vs Single Family Attached

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Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
I did a condo appraisal 2 months ago. The county records states on the neighborhood map lists it as a condo. When I called the county assessor’s office due to a discrepancy they said the project was condominiums with some site assigned to each condo. When I phoned the community manager she said the project was single family attached homes but refused to supply the CCR’s. Due to the discrepancy I then called the state real estate division and was told the association was registered as condominiums. Everything was noted in the report. Now the lender wants me to put the appraisal on a 1004 saying its just a PUD. Fannie Mae had a statement in the selling guide that referred to when it was appropriate to place it on the 1004 but this one did not meet those requirements. I had forwarded them that statement to them. Now I can’t find it. Yes it was printed out but misplaced. Yes, they deleted all previous correspondence from there end on the website as it is gone. The preliminary title report said single family attached but the same title company also told me condo. Any help on how to handle this situation would be appreciated as I am getting daily calls and e-mails direct from their underwriting department demanding I change it to a 1004. It was originally ordered thru an AMC that also sends e-mails daily.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Ask the AMC why all previous communications were deleted would be my first step on the communication log and screen shot it for your work file.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
It could still be reported as a condo on the 1004 form, correct?

Changing the form it is reported on to a 1004 for a site condo is okay if they need it for their processing of loan, however changing legal (condo ) to non condo if it is legally a condo is not okay... aka, the client saying it is "just a PUD"....

If it is a site condo, and they want it on 1004 form instead of condo form, tell them you can accommodate that, but you can't and won't change legal form of ownership to something which is incorrect..
 

Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
I found the statement I sent them. I have now asked that they show all comments related to this file.
 

Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
It does not qualify as a site condo according to Fannie Mae selling guide.
 

Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
I have even looked at sales mortgage documents within the development. I found that there are sales have a condo rider in their mortgage docs.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
It could still be reported as a condo on the 1004 form, correct?
No, that is not correct. Only detached site condos can be reported on form 1004. Per the OP, the subject property is attached.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I have even looked at sales mortgage documents within the development. I found that there are sales have a condo rider in their mortgage docs.

Then if your research shows it is a condo, it is a condo, and you were correct about not changing the form if they are attached units. At a certain point, no is no. Sorry you are going through this .
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Is there a declaration of condo recorded in the public records or not?
 

Sierra Dale

Junior Member
Joined
Mar 31, 2006
Professional Status
Licensed Appraiser
State
Nevada
Is there a declaration of condo recorded in the public records or not?
I could not find one. The state has it registered as a condo association. Normally the state has a copy of their documents but did not have them. The state is now asking the Association for documents. These condos were built in the 70's. The county taxes them as condos too. The lender said they have a copy but have refused to forward them to me.
 
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