Site Condo Property Description On 1073

[Remmington]

When reporting a Site Condo on a 1073 form. What do you put for Project description(Detached, row or townhouse, garden, etc...)? I have always checked the Other(describe) box and put Site Condominium in the description. A lender I work for wants me to change the project description to Detached. I believe the that the detached box is for detached condos where the property is owned in common by the condo association not a site condo where the owner owns and maintains the property. The underwriter states that a site condo is detached so I need to check the detached box. It is not a big deal in the overall scheme of things, my major concern is being flagged by CU for changing property descriptions from lender to lender. I have checked fannie mae guidelines and they state "Check the box that pertains to the building that the subject is located in". Well a site condo is not located in a building it is a single family detached home with a lot. Thank you for all the help and please I do not wish to get into the debate on weather or not Site condos should be on a 1073 or a 1004 form. I feel they should be on a 1004 form but lenders now require the 1073.

 

[Mr Rex]

If its not attached its detached. Small hill to die on. Explain and move on.

 

[Remmington]

I agree that it is detached, and I am not going to die on this hill as I have already changed it, but am concerned. As I stated my concern is CU red flagging a property type variation on different report. I am looking for feedback mostly from Michigan appraisers how they report it.

 

[TRESinc]

If its not attached its detached. Small hill to die on. Explain and move on.

what about semi-detached and semi-attached descriptions? always hated those. it is attached or detached. you can't get a girl semi-pregnant.

 

[Mr Rex]

More Fannie Mae fat girl mealy mouth full language. Why doesn't someone put that fat beatch on a diet?

 

[glenn walker]

A site condo is detached , and that's why it's a site condo ***if attached then it's not a site condo *** It's just a typical condominium

 

[J Grant]

Detached is a physical property description. Site condo is an ownership description. That's why there are separate check boxes for each. Can add additional CYA/ statements on addendum.

 

[glenn walker]

Correct condominium is a form of ownership and detached is a physical description BUT site condos at least in my area are detached and look just like a single family home . For UAD reasons I would mark the detached box and move on

 

[Howard Klahr]

Site condo is an ownership description.

NO, Condominium is a form of ownership, site condo is a marketing term. There is no legal definition of site condo.

 

[J Grant]

I am aware of that Howard, I was addressing his specific assignment question to differentiate detached (property type ) from condo (ownership) so I used the word site condo instead of condo