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Thought It Was Going To Be An Easy Day

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Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
All I had to do today is the final on a new construction townhouse. Should have been done by lunch with the afternoon off. Planned as a condo, listed as a condo, P&S states condo, client ordered as a condo, original report is on a 1073....annnndddd the lawyers decide to go zero lot line instead.

Updated the client and it really hit the fan. They wanted to close next week.
 

nstanbru

Senior Member
Joined
Feb 19, 2009
Professional Status
Certified General Appraiser
State
California
So, the legal description is something other than a condo?
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
In this area, zero lot line is just a zoning parameter and it could still be a condo ownership. A Condo could be in many residential zoning codes. A Condo Zoning code does not necessarily mean a condo type of ownership. Ownership type and zoning type do not always align. Two different concepts and two different places of the correct form.
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
In this area, zero lot line is just a zoning parameter and it could still be a condo ownership. A Condo could be in many residential zoning codes. A Condo Zoning code does not necessarily mean a condo type of ownership. Ownership type and zoning type do not always align. Two different concepts and two different places of the correct form.

It could be either, obviously. It's just how the paperwork is written. From what I was told there were financial reasons for the change from condo ownership. That's all I know so far.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
All I had to do today is the final on a new construction townhouse. Should have been done by lunch with the afternoon off. Planned as a condo, listed as a condo, P&S states condo, client ordered as a condo, original report is on a 1073....annnndddd the lawyers decide to go zero lot line instead.

Updated the client and it really hit the fan. They wanted to close next week.
"Zero lot line", so a single family attached? How did the deed read when you appraised it? If it was a condo and they changed it.....and you made the appropriate disclosure about not being responsible for any changes after the effective date of the appraisal, then you had a good day!

The uneasy day was for the loan officer who now has to rewrite the loan.........if possible.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
"Zero lot line", so a single family attached?

and just for the record, here in AZ we have detached residences in zero lot line configuration. the house sits on the lot line so if you want to paint your house you have to go in the neighbor's back yard to paint that side...
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I got a VA duplex appraisal in a very rural area of Sevier County, TN. Ugggh!
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
"Zero lot line", so a single family attached? How did the deed read when you appraised it? If it was a condo and they changed it.....and you made the appropriate disclosure about not being responsible for any changes after the effective date of the appraisal, then you had a good day!

The uneasy day was for the loan officer who now has to rewrite the loan.........if possible.

Yes now it is single family attached. The first proposed deed stated condo ownership, now they have a new one. Ended up with a new order. Full fee plus rush fee to do a 1004. Luckily I was able to find 3 zero lot line comps close by.
 
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