multi-family condo on a 1025 form?

[sputnam]

What forms the foundation for your conclusion?

Please read all the prior postings....but, in short...and assuming I understand the property and appraisal assignment correctly. Two dwelling units on the same property with the same ownership is a duplex. It may, or may not, be rented at the time of the appraisal.

 

[Lee Lansford]

Please read all the prior postings....but, in short...and assuming I understand the property and appraisal assignment correctly. Two dwelling units on the same property with the same ownership is a duplex.
...

Common ownership of two condo units does not make the two properties one.

Analysis of the H&B use as improved might possibly result in the conclusion of 2-unit small income property. HOWEVER, I have seen nothing (and, if I have missed it, I am confident that someone will point it out to me) that leads to that conclusion.

What I'm understanding is that some are offering "I'd do it THIS way!" but with no support to the opinion.

 

[Restrain]

You have 2 detached condo units. This is not a SFR with auxiliary unit,or a multi-family. You have 2 SFRs. With a site condo, with an individually owned site, use the 1004, 2 appraisals. The condo form is designed for non-site condos.

 

[nstanbru]

Assuming I'm not misundestanding your description of the property, it seems you have 2 separate (detached) condos. Each one has the same owner and each one is rented. Therefore, you have 2 separate legal descriptions with 2 separate tax bills. If this is the case, then each could be sold separately, regardless of the fact that they have the same owner. I would suggest either the 1004 or the condo form with 1 report for each home.

 

[sputnam]

Assuming I'm not misundestanding your description of the property, it seems you have 2 separate (detached) condos. Each one has the same owner and each one is rented. Therefore, you have 2 separate legal descriptions with 2 separate tax bills. If this is the case, then each could be sold separately, regardless of the fact that they have the same owner. I would suggest either the 1004 or the condo form with 1 report for each home.

Okay...if that's the property situation, then you have to do two appraisals. You can report both appraisal in one report, but it's two appraisals. Not something that the GSE forms are designed to do.