one unit vs multi-family

[Meandering]

Here,

"CHAPTER 30

South Carolina Condominium Act

Article 1

General Provisions

(11) `Condominium' means ownership of real property created pursuant to this chapter comprised of units that may be owned by one or more persons, and in which there is an undivided share in common elements appurtenant to each unit.

(12) `Condominium parcel' means a unit and the undivided share in the common elements appurtenant to the unit.

(13) `Condominium property' means the land, leasehold, and personal property subject to condominium ownership, whether or not contiguous, and improvements, easements, and rights appurtenant to the land, leasehold, or personal property intended for use in connection with the condominium.

http://www.scstatehouse.gov/sess109_1991-1992/bills/887.htm


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[Greenra]

I look it as more of an appraisal issue versus a regulatory or supplemental standard question. First step in the appraisal process--- define the Appraisal Problem along with the Scope of Work.

What if a property has been legally subdivided into 100 condo units that can be sold separately, but all units are owned by one owner who operates the property as an apartment complex. If the value after deducting all cost associated with selling individual units is lower than if operated and sold by one owner as an apartment complex; what is the HBU.

What is the assignment problem, appraise one unit, appraise 100 units; etc.

 

[Meandering]

YIYIYIYIY

LIVE ACTION!

FANNIE MAE.

https://www.fanniemae.com/content/fact_sheet/multifamilyoverview.pdf

EXECUTIVE SUMMARY
This Overview describes the core components of Fannie Mae’s Multifamily Mortgage Business (“Multifamily”). It begins by providing a foundation for understanding the multifamily housing market, how multifamily housing is financed and Fannie Mae’s role in that market. It then focuses on Multifamily’s business model, how it operates and how it maintains its performance in the market.

Multifamily housing is any rental housing having five or more dwelling units, whether such units comprise the one-room efficiency apartment that is home to a graduate student, the suburban garden apartment shared by a large immigrant family, the apartment in a seniors housing facility that is home to an elderly couple or the apartment in an affluent metropolitan area that is affordable to a firefighter, a teacher, a nurse or a retail employee. The common feature is that the apartment, whatever its size and amenities, is a home. Fannie Mae’s Multifamily Mortgage Business is focused on providing workforce housing — high-quality, affordable housing — to families with.....




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[Mike Kennedy]

HUD quotes would be ideal if you know where to find 'em! I've searched & searched & searched and can't locate anything that definitely states what I'm looking for.

9-1 CONDOMINIUMS
A condominium is a form of fee ownership or long-term leasehold
of separate units or portions of multiunit buildingsthat
provides for formal filing and recording of a divided interest in
real property.

A. DEFINITIONS
Mortgage: a lien covering a fee interest or eligible
leasehold interest in a one-family unit in a project,
together with an undivided interest in the common areas and
facilities serving the project.
Family Unit: a one-family unit including the undivided
interest in the common areas and facilities and such
restricted common areas and facilities as may be designated.
Common Areas and Facilities: areas that are for the use and
enjoyment of the owners of family units located in the
project, including the land, roof, main walls, elevators,
staircases, lobbies, halls, parking spaces and community and
commercial facilities.

Project: a structure or structures containing four or more
units.


http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/41502c9HSGH.pdf

 

[Meandering]

YIYIYIYIY

MORE LIVE ACTION!


HUD



Mortgage insurance to finance rental or cooperative multifamily housing for moderate-income households, including projects designated for the elderly. Section 221(d)(3) and (4) are HUD's major insurance programs for new construction or substantially rehabilitated multifamily rental housing.

Nature of Program: The Department insures mortgages made by private lending institutions to help finance construction or substantial rehabilitation of multifamily (five or more units) rental or cooperative housing for moderate-income or displaced families. Projects in both cases may consist of detached, semi-detached, row, walk-up, or elevator structures. SRO projects may consist of units that do not contain a complete kitchen or bath.


http://portal.HUD.gov/hudportal/HUD?src=/hudprograms/mrhmif



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[HF Mudd]

This is what happens when UWs have a lot of time on their hands...

 

[sputnam]

This is what happens when UWs have a lot of time on their hands...

It's not exactly the UWs...it's someone upstream from them writing poorly worded or lawyerese memos about their own interpretation of something. The UWs have to do what their bosses tell them.

UWs aren't appraisers and we shouldn't expect them to think like appraisers.

I don't know which client or AMC this is, but a lot of times, the only way to settle issues like this is either to cave or to somehow get a senior UW on the phone. I vote for taking it to the senior. If you still can't get them to retract the stip, and you stick to your guns (as I hope you will), then you may lose that client.

 

[Gregory Beck]

Is the underwriter a certified real estate appraiser? Tell him no! and give him the link to this page. Or better yet tell him he should get a job selling shoes.

 

[SwampFox]

Giving him a link to this page would probably give him a pretty clear indication of my identity, and I kinda like the anonymity I have in this forum (he obviously knows who I am, but he doesn't know Swampfox and I've probably made a few choice comments here that I wouldn't make without the veil of a screen name & avatar). He's not an appraiser from what I can tell - based on his title, it sounds like someone found a creative way to call a reviewer a reviewer without the title of "appraisal reviewer". Believe it or not, I actually value this client and think I may be the victim of an eager beaver newbie to the company trying to make a name for himself. Still trying to resolve this issue with the client, but I think I finally have the upper hand in the situation...letters on HUD letterhead can be a powerful tool!