Two reasons to order a 1073 Condo Appraisal

A condominium is usually defined by a group of home owners that develop and pay a home owner association, which in turn, cares for the maintenance of the exterior building and the land. A condominium can be attached units or detached units. Each condominium owner usually does not own their own parcel of land. Each home owner will have regular meetings. The home owner will maintain the interior of their own unit.

A condominium appraisal is a form that is filled in by a certified or licensed real estate appraiser. The form looks a lot like the 1004 appraisal form, however this form does not have the cost approach, as the cost approach uses the land value to determine part of the cost to build the home. With a 1073 condo form, no land value is determined because the owners do not own a separate parcel land. Here are two reasons when to order a 1073 Condo Appraisal. First, if you are the home owner, don’t order a full appraisal because the bank is required to do this. You will not be able use the appraisal that you ordered for financial reasons. If you’d just like to get a value first, go read about desktop appraisals. This will give you a good idea on how determine your home value for the cheapest price and the most accurate ways.

1. If you want to refinance or purchase a condo, this is the form that your bank or loan officer should order. This is the only form that is used for a condominium and this is the number one reason why you should order a 1073. The lender will only accept a condominium appraisal when the details of the home are placed on the condo form.

2. If you want FHA financing and if your condominium is listed on the FHA approval list, then you or your bank can order a 1073 Condo appraisal. If the home is not on the FHA list of approved condominiums, then you will not be able to obtain FHA financing.

1073 condo appraisal will be ordered for two main reasons. The first reason is that you will be purchasing or refinancing a condo. The second reason, if you are to obtain FHA financing, then you will need to have your loan officer order a 1073 condo appraisal. In both cases, the loan officer will be responsible for ordering the appraisal for financial purposes. If you’d just like to get an idea of the value before you proceed with a loan, the best method is to speak to a Realtor and order a Desktop appraisal directly from a Real Estate Appraiser.