Mortgage 1073 – Condominiums

If you are a lender or seller of a Condominium, then you will want to know about a Mortgage 1073. These are the appraisal reports that you will need to understand the value of your property. The Mortgage 1073 contains pertinent information from a respected, experienced and knowledgeable real estate appraiser to give you Fair Market Value on your condo. Once the Mortgage 1073 is completed, you may begin a listing and pricing your condominium for the buying market.

What Does The Mortgage 1073 – Condominium Include? The report includes two items:

  • The Form 1073 or Individual Unit Appraisal Report – The 1073 report is a full interior and exterior report of the inspection made. It also includes a summarized analysis of the condominium project and the market provided.
    • Attachments that are similar to those in the Single Family Residential Report
  • Condominium appraisals for FHA loans

Keep in mind that these appraisals are for individual condo units inside of a project or planned unit development. As you begin to decide if you want a condo, single family home, town home, or multi unit for your family, pay attention to the Fair Market Value and the brief analysis that has come from the real estate appraiser. It will give you comparison information to help you make the best choice for your family. If you are seeking a real estate appraiser for selling purposes, remember that The Mortgage 1073 for Condominiums are forms that must be completed by a real estate appraiser in order to proceed to the buying market. If you are living in a large state where property values are expensive, like California, then it is even more essential that you get a real estate appraiser who is able to handle looking at the market around your condominium and properly valuating it.