Condo not complicated

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1 Condo not complicated 1

2 Legal Disclaimer The information presented in these training materials is based on guidelines and practices accepted within the mortgage finance industry generally and is not intended to be all-inclusive. All examples are hypothetical and are for illustrative purposes only. Investor requirements change from time to time and their application is subject to interpretation. Therefore, we cannot and do not guarantee how any specific investor guidelines will be applied to individual circumstances. Our training is not intended and should not be interpreted or relied upon as legal advice. We encourage you to seek legal and compliance advice from a qualified professional. MGIC EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THESE MATERIALS AND OUR TRAINING PROGRAM. IN NO EVENT WILL MGIC BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND WITH RESPECT TO THE TRAINING OR MATERIALS PROVIDED. 2

3 Learning Objectives What is a condo and what makes it unique? Key sections of a condo appraisal Agency criteria Red flags MGIC condo appraisal checklist 3

4 What is a Condo? A real estate project where unit owners hold: Title to an individual unit in a multi-unit property An undivided interest in common areas within project 4

5 Types of Attached Housing Condo Unit owner owns space inside unit Unit owner has undivided interest in common areas PUD Unit owner owns space inside AND outside unit Unit owner owns land beneath unit and possibly land in front/back of unit Common areas are owned by an association of unit owners Co-op Corporation owns the complex Owners purchase shares of stock allocated to a specific unit and rights to a long-term lease for occupancy of unit 5

6 Condo Appraisal Forms Fannie Mae/Freddie Mac 1073/465 Interior/Exterior 1075/466 Exterior Only 6

7 Condominium Appraisal Page 1 Subject property, contract, neighborhood and project information Page 2 More project detail Subject unit description Prior sales history of subject and comparables Page 3 Comparing subject to comparable sales Sales comparison and income approach Final value Pages 4-6 Official disclosures/disclaimers Appraiser signature/licensure info 7

8 Required Exhibits 1004MC Market Conditions Addendum Interior sketch of unit dimensions Location map of subject & comps Exterior photos of subject Front, back and street scene Interior photos of subject Kitchen, bathroom(s), main living area Exterior front photos of comps 8

9 Form 1073 Page 1 Subject Contract Neighborhood Project Site Project Information 9

10 Subject Section Occupant Project name and Phase # Property Rights Appraised HOA Fees 10

11 Neighborhood Section Neighborhood Characteristics Condo Unit Housing Trends Condo Housing Present Land Use % 11

12 1004MC Condo Projects Complete in addition to Market Research & Analysis section Describes market in the subject project Addresses projects slow to complete construction or sell units 12

13 Project Site Zoning View Adverse site conditions/external factors 13

14 Project Information Project Description: Detached Row or Townhouse Garden Mid-Rise High-Rise Other 14

15 Project Information (continued) General Description Construction status Year Built Parking 15

16 Project Information (continued) Phase Information: Number of phases Number of units listed for sale, sold, rented or owner-occupied Complete or incomplete Project Primary Occupancy 16

17 Project Information (continued) Who is in charge of HOA? Does any one entity own >10% of units? Is the project a conversion? Are units, common elements and recreation facilities complete? 17

18 Project Information (continued) Is more than 25% of total buildings square footage nonresidential? 18

19 Form 1073 Page 2 Project Information Project Analysis Unit Description 19

20 Project Information (continued) Describes condition & construction quality of project Describes common elements & recreation facilities Are any common elements leased? Is project subject to ground rent? Are parking facilities adequate? 20

21 Project Analysis Did appraiser analyze condo project budget for current year? Any fees other than HOA fees for use of project facilities? Are HOA fees in line with competitive projects? 21

22 Project Analysis (continued) Are there any special or unusual characteristics that affect marketability? Are more than 15% of owners delinquent in paying HOA fees? 22

23 Unit Description Unit HOA charge & what is included? Describes unit location in building Availability of car storage 23

24 Unit Description (continued) Condition of property Are there physical deficiencies? Does property generally conform to neighborhood? 24

25 Form 1073 Page 3 Sales Comparison Summary Income Reconciliation 25

26 Sales Comparison Approach Similar to the Single-Family form Should include mix of comparables from within and outside project Red Flags excessive adjustments for condos are red flags just as they are for single-family properties 26

27 Sales Comparison Approach (continued) Established projects: Should have comps selected from within project If a comp outside project is used an explanation is required New projects: Should have at least one comp from within project and one from a competing project Re-sales within project are usually preferable 27

28 Sales Comparison Approach (continued) Value Adjustments: HOA monthly assessment Common Elements/Recreation Facilities Floor location 28

29 Sales Comparison Approach (continued) View Parking Additional Items; boat docks, etc. 29

30 1004MC Condo Projects Complete in addition to Market Research & Analysis section Describes market in the subject project Addresses projects slow to complete construction or sell units 30

31 2-4 Unit Condos No single entity may own more than 1 unit in project All units and common elements are complete Only 1 unit in project can be conveyed to a nonowner occupant Unit owners must be sole owners of common elements Note: additional eligibility requirements apply 31

32 Is it an eligible project? Projects not eligible for sale to the agencies include: Hotel/motel projects (transient in nature) daily, weekly, monthly rentals Timeshare projects Continuing Care Facilities (CCFs) Excessive single investor concentration Excessive commercial space Check investor/agency guidelines 32

33 Established or New Condo? Established Condo ALL must be true: Project is 100% complete Project is NOT subject to additional phasing or addons HOA controlled by unit owners (majority of seats on HOA board held by unit owners) 90% or more of total units have been conveyed to the unit purchasers 33

34 Established or New Condo? New Condo: 1 or more are true: Project is NOT fully complete Project is subject to phasing or add-ons HOA is NOT controlled by the unit owners <90% of total units have been conveyed to unit purchasers 34

35 Red Flags Property listed as vacant Comps not located in similar project(s) Varying HOA dues not addressed Visible repairs noted insufficient reserve funds Primary occupancy of project is Tenant Slow absorption rate (divide # of units sold by age of project) 35

36 Red Flags (continued) >15% unit owners are 60+ days delinquent on HOA dues Physical deficiencies or adverse conditions noted Property does not conform to its neighborhood Higher value comps outside project/neighborhood Unwarranted time adjustments 36

37 Condominium Checklist Page 1 Subject Contract Neighborhood Project Site 37

38 Page 1 continued Project Info Project Analysis Unit Description 38

39 Page 2 Prior Sales Comparables Reconciliation Certification 39

40 Page 2 continued MC Addendum Addendum 40

41 Did the appraiser: Complete all required sections of the appraisal? Provide appropriate narrative to sections that required an explanation? Use sales comparables from competing projects and appropriate adjustments? Include all supporting documentation (photos, location map, building sketch)? And, in the end 41

42 Did the appraiser provide an opinion of market value based on market data, logical analysis & judgment? 42

43 Join the conversation! Facebook: Twitter: LinkedIn: Blog: YouTube: mgic.com/facebook mgic.com/twitter mgic.com/linkedin mgic-connects.com mgic.com/youtube 43

44 Thank you for your business! 44

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