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Zero lot line duplex

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Timothy Fierek

Thread Starter
Sophomore Member
Joined
Apr 24, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
What form for a zero lot line duplex?
Condo or 1004? It is for Fannie Mae secondary market.
Thanks!!
 

444nutman

Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
What does the legal description say. Normally if it has the word UNIT in the legal it is a condo. If they have LOT in the legal then URAR. That is the way it works in FLA.
 

Timothy Fierek

Thread Starter
Sophomore Member
Joined
Apr 24, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
It is Lot.
I have heard conflicting info in regards to condo vs town home vs zero lot line and what forms to use.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
What form for a zero lot line duplex?
Condo or 1004? It is for Fannie Mae secondary market.
Thanks!!

Mr. Fierek

I direct you to any of my rants when I find licensed appraisers that cannot perform simple highest and best use analysis, cannot identify what an improvement is to the market and legally, and just all around cannot identify what their subject IS.

So I ask you back. What the hell does an improvement being located right on the lot line have to do with your question? Perhaps instead of asking people on the forum this question, you should go back to whoever trained you and ask them why they did not train you to be able to identify what your subject is.

Webbed.
 

Timothy Fierek

Thread Starter
Sophomore Member
Joined
Apr 24, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
You are very good at insulting people. I know what the subject is. My question is what form does it go on, as I have received conflicting information from other appraisers.
I did just receive the answer from the Fannie Mae hotline, and they were actually very helpful and not at all insulting in the manner that you have been.
Thanks know it all!!!
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
You may have an attached single family. If there is no master deed and the deed shows the lot line through the home, you have an attached single family.
 

Brad Ellis

Senior Member
Joined
Feb 7, 2006
Professional Status
Certified Residential Appraiser
State
California
Timothy,

Unless it is a condo use the 1004 form.

Brad
 

Timothy Fierek

Thread Starter
Sophomore Member
Joined
Apr 24, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Thanks guys.
Fannie Mae also confirmed that it is an attached single family that goes on the 1004. They also indicated that zero lot line duplex is a valid term and it is an acceptable way to identify this type of property.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Mr. Fierek,

You are very good at insulting people.

Thank you! But I find people tend to claim they were insulted when in truth they were embarrassed by their own question when someone is rude enough to point out to them how lame the question is coming from someone that is supposed to know the answer. So in reality, I am rude, not insulting.

I now what the subject is.

Given your question, I don't think so. If you knew it was a condo, you'd know to use the 1073 form. If you knew it was not a condo, you'd know not to. If you had properly discussed your SOW with your client, and asked your client to find out from their lending guides, or wholesale lender, what was needed, and could identify the subject form of ownership, you would not have needed to post the question.

My question is what form does it go on, as I have received conflicting information from other appraisers.

And what information was that? Your question lacked the information needed to answer it. Or at least offered information that was not relevant to the question. A sign that the person asking doesn't even know what it is they don't know. If I frown on that coming from a licensed appraiser, excuse me.

I did just receive the answer from the Fannie Mae hotline, and they were actually very helpful and not at all insulting in the manner that you have been.
Thanks know it all!!!

They are on the clock being paid. I would think the person laughed after they hung up, so did not say what perhaps you need to listen to. I, on the other hand, am providing free advise without remuneration. And my advise is if you don't know that in residential appraising that lot line clearance and forms have nothing to do with one another, you should. A lot line clearance situation does not dictate a "Form" for reporting, but rather should be reported regardless of the form used.

You don't have to read my posts. Block them. If you don't block them, I would spend more time considering the questions and providing more detail with them if I were you. You can find the blocking function on the tool bar via "UserCP." Just put in "Webbed"

Webbed.
 
Last edited:

tjvetrone

Sophomore Member
Joined
Oct 24, 2007
Professional Status
Appraiser Trainee
State
Texas
wow i thought asking a question that you didnt know the answer to was the true existence of this site for most. The difference between Condo and TH is that a Condo is where you own the "airspace" that the unit actually occupies, plus an undivided interest in the ownership of the common elements (pool, clubhouse, walkways,etc..)which are owned jointly with the other condo owners as compared to a TH you have outright ownership of the land and dwelling and usually a HOA runs the common grounds and there is no undivided interest, usually in texas a Condo has no lot size on Tax records and the legal helps you identify it as well. You can also call a management co of said property to verify but sometimes they dont know their *** from their hand. Sometimes you have to learn that your *** is different then your hand and i appreciate you asking a question that you didnt know the answer to...im not saying my answer is best but i think i conveyed the difference in each and what will help you maybe...if i am wrong i stand corrected
 
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