Understanding & Reviewing Condo Appraisals
Condominiums sales have become more common over the past decade. This means you will see more Individual Condominium Unit Appraisal Reports in your loan files.
In this session you will learn:
- Key areas of the 1073 that differ from the 1004 appraisal form
- Why condominium appraisals focus on the entire project as well as the unit being financed
- Specific red flags that apply to the 1073 appraisal report
- What is considered a good comparable in terms of distance, date of sale, location, and overall adjustments made
- How special assessments and HOA budgets may impact the marketability of the subject property