Twin Home Question

[EricKirby]

First off Hello, this is my first post in a while.I have a question maybe somebody can help me with.

I'm a relatively new appraiser and still in training. I'm appraising a twin home. I'm confused what form to use. Do I use the 1004 or the condo form? I did a similar one a while back and the lender wanted it on a Condo form. At the time I thought it should be on the 1004, they don't pay dues, they own their own land and they paid their own water and it was done on the condo form. The zoning was R3-PUD.

Now I have another twin home from another lender and they didn't request a certain form. They own their lot, they have no assn. dues, and they pay their own water. Zoning has it as R4-Residential Density. I think it should be done on the 1004 but I'm not sure. Any help would be appreicated. Thanks, EK

 

[wyecoyote]

A condominium is a form of ownership. A twin home I am assuming it is the same thing as what we call an attached house here. They belong on a 1004 form. There is the box that instead of saying detached you put attached.

 

[Mike Garrett RAA]

How does the legal read? If it says...."lot X, block X, etc" do it on the 1004. If it says "Condominium Unit"...do it on the condo form.

 

[Chris Harrison]

Eric,

I would do it on the 1004. As Ryan said it's an attached single family residents with lot dimensions, no HOA fees and no common areas.

Chris

 

[CANative]

I do these from time to time. I do them on a 1004 and call them attached single family residences.

Question though: I've often wondered about the scenario where one homeonwer lets his half get run down and doesn't properly maintain it. Especially the roof areas. This may have an effect on the other unit. Is this an appraisal problem or a civil matter betwen the owners?

Also, do you make an EA about the improvements not encroaching onto the other half's side?

 

[wyecoyote]

Greg,

Typically from what I have seen on attached houses. The HOA is responsible for outside painting and roofing of the units. Or there is a HOA with bylaws about maintence of the exterior of the unit. Where if the exterior has to be painted every 5-10 years and a new roof has to be put on every 20 years. Just did one like that in a city north of me. The houses are 85-86 and most people are selling knowing that they have to put up half for a new roof next couple years. Also read in the WA state laws a condominium can not own a lot but can own undivided interest in a common ground. There are many here that say condominium but in the strict sense of WA law they are actually attached houses and not condos.

 

[CANative]

Many of the ones I'm talking about have no HOA. We call them "duets." They are simply 2 SFR's with a common wall on contiguous lots. These are the one I have a concern with as there is no formal maintenance agreement.

 

[Mike Garrett RAA]

Referred to as "Twin Homes" in this market. Usually no HOA, just glorified duplex.

 

[EricKirby]

thanks all.

That's what I figured but what confused me was the 1st one I did had a lot and block in the legal but the lender wanted it on the condo form. I'll do this one on the 1004. Thanks again.

 

[Lee Lansford]

Eric,

I do HAVE to ask...you state that you are a new, or newer, appraiser.

I assume that you are "employed" (whether as an employee or as an independent contractor appraiser) by another appraiser. Where is this person in assisting you?

I hesitate to state this question, but are you ready to be out on your own conducting appraisals?