Blog

 

For the last 10 years I seen lots of errors on TYPE of home in IMLS. I also see the same home listed several different ways at the same time. (2 Townhomes next to each other owned by the same owner, listed as Duplex AND Townhouse AND Single family.

Without out too much details, some simple rules, other than calling the county assessor or county appraiser.

Single Family
Usually stands alone, 1 building. 1 address (usually 1 kitchen)

Condo
Think of a shoebox in the sky. They own the floor, walls and ceiling and equal and undivided interest in the land. And 9 out of 10 times, the word “Condo” is in the legal description.

Townhouse
They own the ground below them, unlike a condo. It’s usually attached to one or more units. Does not matter if you own 3 townhomes in a row, it’s still NOT a tri-plex, it’s three townhouses.

I have actually shown up for an inspection on a purchase in Boise and they were trying to sell three townhomes as a tri-plex… really.

Single Family With Acreage

Single family with 1 or more acres

Duplex

Two homes on one lot. Either attached or detached. They must sell together.

Triplex

Three homes on one lot. Either attached or detached. They must sell together.

Fourplex

Four homes on one lot. Either attached or detached. They must sell together.

My favorite. During a desk review years back, an appraiser was either short on comparables or value (or both) when doing a duplex. Ended up using two attached townhomes listed wrong in MLS and used it a closed duplex sale. 

 


Posted by John Hennessey on September 20th, 2010 10:12 AMPost a Comment (0)

Subscribe to this blog
Recent Posts:

Archive:

My Favorite Blogs:

Sites That Link to This Blog:

Hennessey Appraisals 2659 South Charlotte Avenue Boise, ID 83709
Phone: Cell:

Staff Profiles | Contact Us | TOP Graphs - Awesome! | 10 Year Overview - Big Picture | Have a House Measured! | Local Assessors | The Hennessey Report | North Dakota | Client Login | Order an Appraisal | Services | Our Service Area | Blog

Copyright © 2012 Hennessey Appraisals
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map