How to get TIC(Tenant In Common) sale comparables

[Fernando]

Tell the UW, that USPAP does not allow the client to dictate the choice of comparables. Also, how a property is held in title is not part of the definition of MV, nor, I imagine is it part of your assignment. How a property is vested occurs AFTER the transaction has occurred, Its like asking for properties that are owned by a LLC.

"A "tenant in common" refers to a legal arrangement where two or more people jointly own a property, but each individual owns a distinct, divisible share of the property,"

TICs have many potential problems than condos. I personally would not want to get involve in TIC ownership.
TICs are usually for those who can't afford condos and is a less expensive entry into real estate ownership.

 

[Sadie]

TICs have many potential problems than condos. I personally would not want to get involve in TIC ownership.
TICs are usually for those who can't afford condos and is a less expensive entry into real estate ownership.

Read the definition of MV. It is required for the title to pass from seller to buyer and buyer and seller are acting prudently. Also, since this is for lending purposes,. '1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title.

 

[Mark K]

TICs have many potential problems than condos. I personally would not want to get involve in TIC ownership.
TICs are usually for those who can't afford condos and is a less expensive entry into real estate ownership.

You really don't get it. TIC is a form or ownership by more than one party, not a property type.

Condos can be owned TIC, any real estate can be owned TIC.

It is such a shame that stupidity isn't painful.

 

[Fernando]

You really don't get it. TIC is a form or ownership by more than one party, not a property type.

Condos can be owned TIC, any real estate can be owned TIC.

It is such a shame that stupidity isn't painful.

I never did a TIC.
TIC is not a condo so can't use condo appraisal form.
TIC is not a SFR so can't use 1004.
Which form do you use, smartas*.

 

[John Hassler]

While the legal term “Tenancy in Common” simply refers to a form of group ownership, the residential TIC popular in San Francisco can best be understood through comparison with condominiums. In a condominium, the portions of the property within the dwelling unit walls are owned by individuals (unit owners), and everything else is owned by a group (the homeowners’ association). In a TIC, the entire property is owned by the TIC group (the tenants in common) in percentage shares, and a detailed written agreement describes each TIC member’s rights and duties, including exclusive rights to use and occupy particular dwelling units, along with assigned parking, storage and deck areas.

San Francisco has a fluid market of TIC units which, as Fern noted, are a level below condos. There is even a separate category for them in MLS. Heard there were only two or three local lenders who would lend on them.

 

[James Mpls]

Like others stated, I cannot imagine being able to find TIC ownership comps.

 

[Fernando]

OP hasn't responded to give more details.
I assumed OP had a TIC and used Condo Comps which would over value subject.
TICs in SF are condo wannabes. In SF, 2-4 unit bldgs can't be easily converted into more valuable condominium units so there's a yearly lottery.
Not sure if Fannie accepts TICs, thus buyer has to go to portfolio lenders or hard money.

 

[Sadie]

I never did a TIC.
TIC is not a condo so can't use condo appraisal form.
TIC is not a SFR so can't use 1004.
Which form do you use, smartas*.

TIC has nothing to do with with how real estate exists, it is how its vested in title

 

[J Grant]

While the legal term “Tenancy in Common” simply refers to a form of group ownership, the residential TIC popular in San Francisco can best be understood through comparison with condominiums. In a condominium, the portions of the property within the dwelling unit walls are owned by individuals (unit owners), and everything else is owned by a group (the homeowners’ association). In a TIC, the entire property is owned by the TIC group (the tenants in common) in percentage shares, and a detailed written agreement describes each TIC member’s rights and duties, including exclusive rights to use and occupy particular dwelling units, along with assigned parking, storage and deck areas.

San Francisco has a fluid market of TIC units which, as Fern noted, are a level below condos. There is even a separate category for them in MLS. Heard there were only two or three local lenders who would lend on them.

? Who wrote the blue copy?
Tenancy in common is a form of divided ownership between parties regardless of whether the property itself is a house, a farm, a commercial building, a condo, etc.

 

[Charles West]

TICs have many potential problems than condos. I personally would not want to get involve in TIC ownership.
TICs are usually for those who can't afford condos and is a less expensive entry into real estate ownership.

It is a way of vesting title, not an investment vehicle; it has nothing to do with the type of improvement.