- Sep 21, 2007
- Professional Status
- Certified Residential Appraiser
I must be having a brain cramp but I am appraising a single condominium unit in a new construction condominium complex. Total number of residential units in building is 6 - 2 on each floor and 2 commercial units on the first floor which I am being told will not be part of the Condo Association. The commercial units are being kept by the developer and they will either lease them or sell them but the condominium association will have no say over their use. My subject unit will be the 1st completed unit in the building and the other units are reported to be under contract and will be completed in the upcoming 3 months. My question is Should I have and report any concerns of the commercial units on the 1st floor of the building, in particular the fact they are not going to be part of the association? Does any one happen to know if Fannie or Freddie would take issue with this? Will they purchase loans on units in this type compex? Any help / comments would be greatly appreciated.