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Appraisal Report Basics - Condo Unit Report Explained - Amarillo Appraiser Tips
October 25th, 2013 12:06 PM

Individual Condominium Unit Appraisal Report

This particular report is for condo purchases, homeowner associations to appraise the value of condominium individual units. Lenders and other investors make extensive use of this sort of report for purchasing and refinancing purposes. Although it can also be used to determine value of the matrimonial home when court proceedings are being considered. It may also be used when tax appeals are being contemplated as well.

amarillo condo appraisalThe report comprises a wide range of documents, including but not limited to:

  • Letter of transmittal
  • Neighborhood analysis
  • Neighborhood analysis
  • Site description
  • Improvements description
  • Cost approach
  • Reconciliation
  • Direct sales approach using comparable sales on the comparison grid
  • Market value definition
  • Certification
  • Contingent and limiting conditions
  • Firrea addendum
  • Interior and exterior property shots
  • Flood map
  • Sketch of subject property, including a floor layout

This report, also called "the 1073", gives you the appraised value of an individual condo unit within a condominium project, and takes into account both the exterior of the condo project and the interior of the individual unit, as well as the location. Before purchasing a condo, investing in a condo appraisal will likely return the investment by ensuring you have negotiating power as to the sales price. Before selling a condo, a condo appraisal will help you choose a listing price that a) gets you maximum value (not too low), b) gets it off the market sooner (not too high), and c) bases the decision on a professional appraisal of value instead of a Realtor educated guess.

Amarillo TX Appraisal CompanyJohn B. Dudley, SRA is an SRA-designated commercial and residential appraiser, with 35 years experience. serving the Texas pandhandle, including Amarillo TX Canyon TX Hereford TX Pampa TX Dumas TX Panhandle TX Borger TX Claude TX Dalhart TX Friona TX.
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Posted by John Dudley on October 25th, 2013 12:06 PMPost a Comment

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