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Aug 04, 2016 - 08:13 AM
There may be many different definitions and interpretations of "complex." However, the definition contained in the federal banking regulations is as follows:
Complex 1--to--4 family residential property appraisal means one in which the property to be appraised, the form of ownership, or market conditions are atypical.
While the above definition may raise more questions than it answers, it is the only "legal" definition we have.
A few examples of "complex" property might include:
• Atypical properties in a given market. • Residences with unique architecture or historic properties. • Properties which may be stigmatized due to internal or external circumstances. • Properties of such value and/or unusual characteristics that their competitive market may be regional as opposed to an immediate neighborhood.
Complex 1--to--4 family residential property appraisal means one in which the property to be appraised, the form of ownership, or market conditions are atypical.
While the above definition may raise more questions than it answers, it is the only "legal" definition we have.
A few examples of "complex" property might include:
• Atypical properties in a given market. • Residences with unique architecture or historic properties. • Properties which may be stigmatized due to internal or external circumstances. • Properties of such value and/or unusual characteristics that their competitive market may be regional as opposed to an immediate neighborhood.
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