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Detached Condominium

Doing a 1004 is much easier than 1073.
Where in the 1004 can condo information be put into the form besides addendum.
From my thousands of condo appraisals, condos always been on 1073.
 
I have done a ton of these. A “site condo” can be defined two different ways.
1) A property that has defined property lines, such that on the legal description there is a site size with dimensions. For example 1 acres sites sold that are zoned condominium, but the only thing sold is the actual one acre site. But there are common elements that are also part of the development. There is an HOA and HOA fees. People can build pretty much what they want to. Really nothing but a PUD.
2) A site that does not have defined property lines, but the relative location of the building site is defined. There is no specific acreage size given. However, the location (site) has a separate value. In my area they actually sell the site location on the MLS. People buy the LOCATION then build accordingly. This goes on all the time in one area I do appraisals in.

For #1) I tend to encourage the use of the 1004, since typical SFRs could be used as comparable sales IF the amenities are pretty minimal. That can be a bit tricky, but in the area I do quite a few these the amenities amount to the road and maybe a small common area. Although FHA says you have to use the 1073. But most other lenders use the 1004.

For #2) I say use the 1073. There is no site size. And although they could be comparable to SFRs they are more comparable to similar detached condominiums.

At least that’s how I have proceeded and I’ve had no push back. I don’t do FHA.
 
There's a condo project here that has midrise condos and townhomes.
Whether attached, semiattached, or detached, the units are in same condo project so use 1073.
 
And don't read misleading information from bias sources.
 
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