PUD or Condo

[TJSum]

Relatively speaking, condos usually have higher fees than HOA's, does the fee point to one or the other ???

 

[Laughing Heir]

the fees are about $1,000 annually. That's right in line with the PUDs throughout this region. Still waiting to hear back from the president of the association.

 

[Laughing Heir]

Well...It's a PUD. Now it's time to bang our heads against the wall in vain trying to get the client to accept the appraisal on a 2055 Form.

Thanks again to everyone that contributed!

 

[TJSum]

See if you can get something in writing from the source of info to send to the client...

 

[Doug Trites]

In Michigan we have a lot of "Site Condo's" This is a way to get around some of the red tape under the old subdivision acts. The banks have tried to get me to put it on a condo form. I showed them that it can not go on the form. Stand your ground.

 

[Brad Ellis]

Doug,

I believe that Fannie wants these site condos done on the condo form.

You can check the selling guide, Section XI. Let us know what you find.

Brad

 

[Laughing Heir]

I pulled a couple of other deeds from this development. These instruments were more descriptive than the subject's was.

...All that certain LOT, parcel, and piece of land situate in the Township of X, County of X, and Commonwealth of Pennsylvania, being UNIT No. X, Country Glen Townhouses, as recorded in Plot Book...

The lender is ready to kill us, they claim it's a condo and some service called 'real record' does to.

Can anyone infer from the brief legal description what it is.

 

[TJSum]

What legal proof does the lender have that points to it being a condo. Tell them to fax it to you...

 

[Mike Boyd]

I wish I was that lucky. It's a refi.

Thanks again for your help Mike. As a side note, to further my real world experience. Can a condo form of ownership be in fee simple interest?

Even a refi will have title insurance. Ask your client for the title company handling the transaction number. Get the title ORDER number, then call the title company. Ask for the title OFFICER...not the escrow clerk.

 

[Mike Boyd]

Well...It's a PUD. Now it's time to bang our heads against the wall in vain trying to get the client to accept the appraisal on a 2055 Form.

Thanks again to everyone that contributed!

Why would you put it on a 2055? Was it exterior only? I have never done a 2055 on a PUD or a condo. If it's a PUD I would put it on a 1004. If a condo, it goes on the condo form. (Don't remember the form number)