Interesting Appraisal question

[Truett Neathery]

Condo

A condo is a form of ownership not weather its attached or detached. In florida we have PUD's and condos along the same street. If you drive down the street they look like detached single family homes you can not tell the type of ownership without first looking at the legal description.

Simple. Get the assessors map or survey. If it shows a lot, then it's a PUD. Condos dont have individual lots. "CONDOMINIUM" means owned in common with others, although there may be common areas in a project that are for the use of all the other Lot owners, for example, the pool and clubhouse, guest parking lot, etc. Remember, "Condo" is a type of estate and will be defined on the deed.

True, some MLSs lump everything together because the descriptions are too hard to figure out by the average MLS designer, just like "Manufactured/Modular" designatation, even old-tyme REALATORS can,t sort it out - they are all "them there trailerhouses" that have been given an upscale name so's they sell for more!!!

 

[Don Clark]

Condos dont have individual lots. quote]


Yes they do. In Virginia and many other states.

BTW, a Condominium is a "Form of ownership". There, I have now said that at least 1,500 times on this forum. It is NOT an archetectural style. A PUD can be a PUD by zoning or because Fannie Mae says it is. Fannie Mae will only consider it to be a PUD if there is a mandatory fee. It can be zoned PUD and not have any fees. We have several of those where I live in virginia Beach. We also have many very large PUD's that also have CONDO developments inside the PUD. We also have many 2 unit condo's where there are.....just 2 units in the entire Condo. No fees and each unit owner owns the site the property sits on. Remember Truett, there are many more states and state laws other than in California. And, not all states care a whit about what happens in California.

 

[Brad Ellis]

Don,

They are not prohibited at all by California law. I posted the actual excerpt.

Brad

 

[Lloyd Bonafide]

Shannon - I know which complex you are talking about, (Eastview?), and you are right, in S.D. County, if the APN has an extra two digits, it's a condo - period.

One of the "lots" just closed escrow in there a couple of days ago for $165,000. So you have one perfect comp, and plenty of other recent lot sales in R.B.

I assume that they can only rebuild it to a replica of what was there before to meet the HOA approval, so these lots have to be worth less than other normal SFR lots in the area.

Isn't it nice when one well-placed comp can change a report from "the assignment from hell", to a piece of cake?

 

[Don Clark]

Don,

They are not prohibited at all by California law. I posted the actual excerpt.

Brad

I know Brad. But you do realize that there are many closed minds on this forum. It's sorta like "If I have never seen one it don't exist".

 

[aztecwolf619]

Spot on Llyod.. Eastview, hopefully I will get the assignment, I have to call back the homeowner.

And BTW,
This "she" is a HE...
Look before you leap...

 

[dane84094]

FHA cert

Shannon,

I waited the 10 weeks before calling the FHA office in Washington DC and they told me that they didn't receive my information. I faxed the information directly to the gentleman I was speaking with and he confirmed he had received it and told me it would be another 10 weeks before I heard anything. I immediatley called my regional FHA department in Denver and spoke with the head honcho and had the certification 2 days later.

Squeaky wheel gets the grease!!!

 

[aztecwolf619]

Thanks dane, I am coming up on my 10 week period...Soon it will be time to be a bulldog...