UAD Update for Condos Without Unit number
Condos without unit number
Fannie Mae and Freddie Mac have added a new requirement for condo reports (form 1073/1075) in the updated UAD Appendix D, issued June 19, 2012 (see below):
Unit # The appraiser must enter the address unit number/designator. During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a “-“ in the unit number field. The “-” symbolizes that the appraiser has researched the property address and was unable to identify a unit # for the given condominium unit. This is only likely to be necessary in a limited number of instances. This format option is allowable for both the subject property and the comparable properties. The address and unit number must be provided consistently for the subject property throughout the appraisal.
Reporting Format: Unit # – Text
NOTE: this can apply when the individual CONDO has a specific street address with number, but does not have a ‘unit #’ in the address.
By TJ McCarthy, SRA, IFA of TJ McCarthy & Associates