Ariba
Senior Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
I have a situation were the client is requesting an opinion of value on a 4-unit condominium building. There is a Condominium Declaration and each unit is a condominium with separate legal descriptions, tax assessments, etc. The clients want one value for the building (4 condominiums).
The intended use of the appraisal is to arrive at an opinion of value is for asset valuation, and not for a mortgage transaction. There is one loan on the property. The client will not separate or list the units separately.
Can this assignment be completed on Form 1025, Small Residential Income Property Appraisal Report, and disclosing/explaining everything in the addendum? Should I use the 03-05 or 10-94 Form 1025? I intend to use 4-plexes as comparables to render a opinion of value. These units are not inhabitable so the income approach is not applicable. The cost approach is not applicable either in my opinion since the building was constructed in 1946.
Also, how do I address the statement on the 1025 (3-05) Form which states "A two-to-four unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the individual Condominium Unit Appraisal Report or the Individual Cooperation Interest Appraisal Report and attach it as an addendum." All I can find is an Individual Condominium Unit Appraisal Report (Test Form 1073)(November 2004) are there any another forms available?
The intended use of the appraisal is to arrive at an opinion of value is for asset valuation, and not for a mortgage transaction. There is one loan on the property. The client will not separate or list the units separately.
Can this assignment be completed on Form 1025, Small Residential Income Property Appraisal Report, and disclosing/explaining everything in the addendum? Should I use the 03-05 or 10-94 Form 1025? I intend to use 4-plexes as comparables to render a opinion of value. These units are not inhabitable so the income approach is not applicable. The cost approach is not applicable either in my opinion since the building was constructed in 1946.
Also, how do I address the statement on the 1025 (3-05) Form which states "A two-to-four unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the individual Condominium Unit Appraisal Report or the Individual Cooperation Interest Appraisal Report and attach it as an addendum." All I can find is an Individual Condominium Unit Appraisal Report (Test Form 1073)(November 2004) are there any another forms available?
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