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Site Condo Question

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Metroappr

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Hi

I am doing a FHA "site condo" purchase appraisal in Michigan. How do you fill out the grid for "project information" for the number of units sold, for sale, rented ... There is no condo questionnaire for site condos which tracks this information. Also, how do you approach the "density" question?

Thanks in advance.
 

Michigan CG

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The lender is required to supply that information.
 

glenn walker

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And it's done on a 1004 not a condo form ... They are a pain in the *** unless you have some good comparables in the development.
 

bnmappraisal

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I am doing a FHA "site condo" purchase appraisal in Michigan. How do you fill out the grid for "project information" for the number of units sold, for sale, rented
Although I can count on one hand the # of site condo's I've done ... this may be one you might consider walking away from until you have more experience. (FTR, I have)
 

glenn walker

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No do it because that is the only way you learn ** And Call your FHA -HOC if you need more guidance ** That's what those guys-gals at FHA HOC are being paid for by you-me and the tax-payer : ) LOL
 

Michigan CG

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And it's done on a 1004 not a condo form ... They are a pain in the *** unless you have some good comparables in the development.

Depends on who gets the report, some are done on 1004, some on condo form.

Not a pain to find comps for here, they are just like single-family no one knows the difference except appraisers.
 

Michigander

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Although I can count on one hand the # of site condo's I've done ... this may be one you might consider walking away from until you have more experience. (FTR, I have)

These are very common in MI. We started the craze in the 80's as a way around the plat act. Blame us for it. Basically you own the land, kind of weird, but for the most part buyers don't see a difference. FHA requires it on the condominium form. To the OP, you can find a lot of this information looking through assessing records, and many of the developments have HOAs that are online. Can find it there too, but the lender should give you the information. My tactic would be that there is an extra charge of zzz if they don't provide it. That usually gets their attention. Good luck
 

Metroappr

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Michigan
FHA requires the report to be on a 1073. The information needed would be density-not sure that this applies to a site condo development. Do you put "average" in place of numbers? The city of Pontiac will not have the acreage for this development. What do you put in place of "# of rented"? There is no HOA that keeps track like a true condo complex. The HOA is $35 a month and covers outside maintenance of common areas. Thanks
 

Charley Horse

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I realize FHA mandates site condos go on a 1073, but I just encountered a situation whereby the HOA was dissolved... no board members, dues or budget... the legal still indicates a "unit"... waiting on the FHA HOC to respond... anyone else ever run into a similar situation?
 
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