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Which Form: 1004 Or 1073?

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About a month ago, I did two units from the same new community for two different lenders. One requested it on a condo form, one wanted it on a URAR.
I quickly explained to each client what the property was, and they still wanted their respective forms.
So I did what they asked for, explained the "land condo" in the comments of each report, and got paid.
Good luck.
 
Wow. So bizarre that this is a condo.

Common in this area. All brick, freestanding, detached, one-family homes with monthly maintenance fees. Some are condos, some are not.

Many times the owners (and lenders) don't know and the values between the two are similar.
 
Hi Fellow Appraisers!

I have a question on which form I should use for a property in Florida that has a Classification / DOR Code of a "Single Family Residential / 01" and a property description that shows the legal description with the words "...Land Condo Ph-3..."

I called the local Property Appraiser office to verify what the subject property is zoned and the administrator moaned and told me that it was "one of those land condos" and had to get the county analyst to evaluate for me. I was trying to speed things up and obtain more knowledge if any of you have had a similar situation and / or which form would you put it on. I don't want to be waiting around for the county to get back to me as this report needs to be turned in yesterday!

I am stumped and the subject property looks like a single family residence with a private pool. Comps for a condo ownership are almost nonexistent as there has not been too many like that except a current active listing in the subject's immediate subdivision that is on the market. If the subject property was classified as a SFR, there would be no issues with finding comparables, but now wondering which form (1073 or 1004). I am thinking it is a 1073, but wanted to find someone who has seasoned knowledge dealing with this situation.

Please advise!

Thank you so much!

JAM

Regardless of form, as you note searching for comps is going to be the problem...( and seeing any market differential $ for ownership type..)

For comps , if you have SFR in community PUDs in area with HOA fees, those imo have more in common with the subject ...though I don't know if subject has any condo assoc restrictions on use etc or what the fees are- the current listing and condo management or HOA can help - if you can find someone on the board to talk to ( if there is an active board), they often know a lot about the properties, older sales etc.

When searching MLS for comps, put SFR in housing "type", but then put HOA and or CONDO in the governing body field...many RE agents will list a SFR cond as a SFR and thus you may miss a comp, but filling in the governing body field can find it
 
Condo is a condo. Its a form of real property ownership. The land underneath the condo might be expressed as a percentage of the total Land Area designated as the condo development or as a site/lot dimension of the total land area of the Condo development.

So you said you had two recently; one was reported on a 1073 the other you said was reported on a 1004. Hmmm, assuming your description of both subjects is correct then you were only half correct. The appraisal where you used a 1004 is in essence a misleading report. I am using a EA that both assignments were for lending purposes. You failed in regards to the Preamble. You failed to follow Standard one, you failed to follow standards two. You violated the Ethics Rule. You likely violated the Scope of Work Rule(because they have different elements).

FTR, Dwiley is correct YOU COULD USE A 1004, BUT, Why would you is my question?
 
Hi Tim,

I appreciate the advice. I think I will carry on and do this on a 1073. There aren't too many projects like the subject and you are right that I need to do a historical market study analysis. I see what you are suggesting about considering putting it on a 1004 with a supplement / addendum with the same project information as the 1073. However, I do not want the lender / client to tell me to put it on a 1073 after putting it on a 1004. They are particular about this, but understand what you are saying.

Thank you for your assistance!

JAM

Why not ask the client their preference?
 
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