Many times we receive an order for an appraisal which is to be reported on a 1073 (Condominium Form) and it turns out to be a Planned Unit Development(PUD) and should be reported on a 1004. The opposite is true as well. We will receive an order for a property in a PUD to be reported on a 1004, and at closer examination, it is a condominium and should be reported on a 1073. Ordering the wrong form delays the completion of the appraisal report. Worst yet, you receive an appraisal on the incorrect form and further down the process, the appraisal has to be completed on the correct form adding additional delays in the loan process. It is best to correctly identify the type of property to be appraised up front and order it on the correct form. Here are some samples of PUD properties and Condominium properties. Can you identify which is a PUD and which is a Condominium? Press the corresponding link to find out.
Property 1 is a large condominium project, pretty obvious. Property 2 is a detached condominium. Property 3 is an attached condominium. Property 4 is an attached Townhouse (PUD). The point is that you cannot tell by the architecture if the property is a Condominium or PUD. I have found that the best way to confirm the type of property is to look at the title report and see what type of ownership is described in the legal description. If we receive an order and are in doubt of the type of ownership, we request the title report. Here are a couple of links which describe how to best identify whether the type of ownership is Condominium on not.