UAD Update for Condos Without Unit number

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ICAP Board

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

ICAP Board

ICAP Board

ICAP works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.

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5 Responses

  1. Philip Gray via Facebook Philip Gray via Facebook says:

    Is that a hyphen or a minus sign?

    1
  2. Philip Gray via Facebook Philip Gray via Facebook says:

    That was supposed to be a witty joke, but thank you. 🙂 I’m glad they did this update since this scenario has happened to me twice since UAD became mandatory.

    1
  3. Avatar Jan Haraldsson says:

    Even funnier is that they were able to screw up and put the unit number on the wrong line “2” in the address which is not USPS standard, opposite to their own requirements 😉

    1

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UAD Update for Condos Without Unit number

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