FNMA 1073 - Individual Condominium Unit Appraisal

The Form 1073, "Individual Condominium Unit Appraisal Report" is designed for condominium or homeowner association individual units. (1073) It's extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal tax appeals, contested matrimonial or any situation involving an individual condominium or homeowner association unit in which court testimony is contemplated.

The appraiser's description of the physical characteristics of the property and comparables will be obtained from reliable data sources including the thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the project and of the unit.

An "Individual Condominium Unit Appraisal Report" typically consists of a letter of transmittal; market area analysis; description of the site; description of the improvements; direct sales comparison approach utilizing comparable sales on the comparison grid; reconciliation; definition of market value; certification; contingent & limiting conditions; FIRREA addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; sketch of subject property showing room layout; flood map if applicable.

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