Good Faith
Appraisals
Sioux Falls Condominium Appraiser
Over 20 years experience
To help lenders meet Fannie Mae’s requirements, we strongly recommended that lenders use an appraisal company with condominium expertise.
Good Faith Appraisals has completed 100’s of condominium appraisals over a 20 year period.
Condo Facts
Mid-Rise
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Condos can look like apartments or town homes.
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Unit owners are also required to abide by association rules. These rules may pertain to a variety of issues including pets, noise, parking, occupancy, etc.
High-Rise
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A good condominium appraiser will consider comparable, market trends, condo association health, amenities, etc when determining an accurate appraised value.
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Associations are typically responsible for all exterior maintenance and charge unit owners dues to cover their share of the cost.
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Dues and Condo association rules can affect the value of a property both positively or negatively.
Townhome
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The building design does not make a property a condo.
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Owners of Condominium UNITS do not own the land, or any of the common facilities which are typically owned by a condominium association.
Lenders
Get an appraisal to mange 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
Get an appraisal for piece 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 and soundness or marketability, or the financial stability or physical safety of the overall project and its amenities.
Condo Growth
Sioux Falls Condos are on the rise
Certain areas are in demand, especially downtown. Downtown is revitalizing, and the kick-off of construction on The Steel District and Cherapa Place II will help grow building permit valuations. Argus Leader June 2022
Condo Appraisal Form
An Individual Condominium Unit Appraisal Report is used for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. These are placed on a Fannie Mae Form 1073, and are completed in accordance with the UAD Specification.
Address
Basic information including address, legal description, owner’s and/or borrower’s names.
Contract
Information on the contract for sale.
Features
•Number of stories, common lements, construction quality and parking facilities.
Unit Attributes
•Unit description and condition.