Posted on: 01st Jan, 2007 10:14 am
I want to know if appraisal of a unit in a condominium can be done using uniform residential appraisal report or some other report is required to be used.
Hi Kspade,
Welcome to Mortgagefit forum.
Uniform Residential Appraisal Report can not be used for appraisal of units in a condominium.
This report is only used for appraisal of a one unit property, including a unit in a PUD (Planned Unit Development). It can also be used for appraisal of any one unit property having an accessory unit.
For appraisal of condominium Unit, Individual Condominium Unit Appraisal Report is to be used.
Let me know if you have any other questions.
Colin
Welcome to Mortgagefit forum.
Uniform Residential Appraisal Report can not be used for appraisal of units in a condominium.
This report is only used for appraisal of a one unit property, including a unit in a PUD (Planned Unit Development). It can also be used for appraisal of any one unit property having an accessory unit.
For appraisal of condominium Unit, Individual Condominium Unit Appraisal Report is to be used.
Let me know if you have any other questions.
Colin
The form is not used to report the appraisal of manufactured home or a unit in a co-operative project. The appraisal is based on the interior and exterior of the subject property.
There's a sample of the Individual Condominium Unit Appraisal Report at "http://www.freddiemac.com/sell/forms/pdf/465.pdf" . Just have a look at it.
Checkpoint of Appraisal report
"Checkpoint of Appraisal report"
I am not sure whether I understood your question. But if you are asking about what important points appraisal report should contain then I can tell you few things about it.
The appraisal report should provide accurate & complete description of the property so that it can be identified without photographs. Report should also mention the date and location of inspection plus contain a statement by the appraiser that he does not have any financial interest in the property which he has appraised. The appraisal report should have the effective date of the value and appraiser's signature.
If it is not what you had asked then please provide some more details about your question.
Coveney
I am not sure whether I understood your question. But if you are asking about what important points appraisal report should contain then I can tell you few things about it.
The appraisal report should provide accurate & complete description of the property so that it can be identified without photographs. Report should also mention the date and location of inspection plus contain a statement by the appraiser that he does not have any financial interest in the property which he has appraised. The appraisal report should have the effective date of the value and appraiser's signature.
If it is not what you had asked then please provide some more details about your question.
Coveney
Think he is asking if a condo can be appraised on the 1004 Full residential form. The long answer is yes it can, but you might run into issues with the underwriter accepting the appraisal.
Best answer is NO, if it's a single unit condo it should be done on the 1073 Condo form.
Best answer is NO, if it's a single unit condo it should be done on the 1073 Condo form.
