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Sioux Falls condominium appraiser
Over 23 years of experience and hundreds of condominium appraisals in Sioux Falls. To help lenders meet Fannie Mae’s requirements, we strongly recommend using an appraisal company with condominium expertise.
Condo facts
What makes a condo appraisal different
A good condominium appraiser considers comparables, market trends, condo association health and amenities when determining an accurate appraised value.
Mid-rise
Condos can look like apartments or town homes. Unit owners are also required to abide by association rules, which may cover pets, noise, parking, occupancy and more.
High-rise
Associations are typically responsible for all exterior maintenance and charge unit owners dues to cover their share of the cost. Dues and association rules can affect the value of a property positively or negatively.
Townhome
The building design does not make a property a condo. Owners of condominium units do not own the land or the common facilities, which are typically owned by a condominium association.
Lenders
An appraisal to manage risk
A condominium appraisal is used to prudently manage risk for Fannie Mae, lenders and investors. Lenders are responsible for determining that a condominium project meets all applicable Fannie Mae eligibility requirements.
Homeowners
An appraisal for peace of mind
A condominium appraisal is designed to protect borrowers from physically unsafe or financially unstable projects. Appraisers must document any special assessments or significant deferred maintenance that may impact the unit’s safety, soundness or marketability, or the financial stability or physical safety of the overall project and its amenities.
The condo report
Condo appraisals for GSE loans are now completed on the new UAD 3.6 URAR, which replaces Fannie Mae Form 1073 for new GSE submissions. The report covers:
- Address & contractAddress, legal description, owner and borrower, and the sale contract.
- Project featuresNumber of stories, common elements, construction quality and parking.
- Unit attributesUnit description and condition.
Get a quote
Request a quote
Tell us about the property and what the appraisal is for, and we’ll get back to you with a quote.
605-929-9355
chrisv@goodfaithappraisals.com
4800 S Louise Ave, Suite 191
Sioux Falls, SD 57106