Rackominium

[JohnCreaser]

I got an order to do a rackominum as a driveby on form 2055. Legal shows unit and states condo, which leads me to use condo form. Being a floating dock at a marina it doesn't have residential characteristics thus most of the form I would have to type N/A. I informed the client this was a dock and wanted insure what form they wanted this on and they claimed what ever is the norm for that type of property. Is there a better form to use for this type of order? I have to have this typed up and turned in before 5pm today...please help!!!

 

[Howard Klahr]

This property type is outside the scope of your license (Cert Res) in Florida

 

[Meandering]

why would you use a residential form for a property that is not a residential use? I should think that would produce a misleading report.

To answer your question, narrative.

But I pay homage to Howard, and you need to reassess the limits of your license level first.


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[JohnCreaser]

How is that....property/dock was purchased as an individual unit and legal shows that, taxed as individual unit and has condo amenities and the loan was a residential loan not a commercial loan. It's not a multi-parcel and would techincally be considered a one unit. Granted it has no residential characteristics, but it's similar to appraising vacant land in a way expect it's on water.

 

[Howard Klahr]

By Florida state law a cert res is limited to 1-4 familly residential properties

 

[JohnCreaser]

By Florida state law a cert res is limited to 1-4 familly residential properties

I agree completely...legal shows this as a one unit not multiple and the loan was written as a residential loan, not commercial. Therefore wouldn't this still be within the scope of the license? If not...why? What form would be used for such property?

 

[Meandering]

How is that....property/dock was purchased as an individual unit and legal shows that, taxed as individual unit and has condo amenities and the loan was a residential loan not a commercial loan. It's not a multi-parcel and would techincally be considered a one unit. Granted it has no residential characteristics, but it's similar to appraising vacant land in a way expect it's on water.

I got an order to do a rackominum as a driveby on form 2055. Legal shows unit and states condo, which leads me to use condo form. Being a floating dock at a marina it doesn't have residential characteristics thus most of the form I would have to type N/A.

Can you say Mortgage Fraud?

MORTGAGES are for RESIDENTIAL USES. There are other loan types available for other types of loans secured by assets that are not residential uses.



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[Mountain Man]

Listen to Howard! You aren't appraising real estate... just sayin'.

 

[JohnCreaser]

There are 230 boat slips or docks that have individual electric, water, cable and condoimium amenities (pool, clubhouse, valet, etc.)...granted there is no structure or bedroom/bathroom. Similar concept as if your appraising a mobile home on a pad with similar connections, I'm not appraising the boat, just the slip?

 

[Michigan CG]

.......Granted it has no residential characteristics, but it's similar to appraising vacant land in a way expect it's on water.

You were asked to use a 2055 form in your order. But then decided to switch to a condo form. Neither form is suitable for something that is non-residential. The vacant land form would make sense?

No.

Just because someone else performed a "residential" appraisal on this and someone gave them a loan does not make it correct.