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.
The report comprises a wide range of documents, including but not limited to:
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.