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Deferred maintenence comment

Discussion in 'Urgent - Help Needed' started by Gary Leduc, Mar 3, 2006.

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  1. Gary Leduc

    Gary Leduc Junior Member

    0
    Jul 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    Need to make a comment about subjects overall deferred mainenance but lost for a good sentence or two.
    It is a refi looking to be $80,000. It might get to $60,000.
    It is in a depressed area of the city, lots of foreclosures, run down properties, etc. I am using 5 comps, 4 are 'as is' sales and fixer uppers.
    Flooring is on crawl space and kind of bouncy in some areas.
    If the subject was for sale, it would also be a fixer upper also.
    Anyone out there to make a comment about above?
     
  2. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    It appears that subject has had little or no ongoing, routine maintenance and is in ______ condition.
     
  3. Wendy

    Wendy Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I had one that was a real mess a couple of months ago. In a decent area, but the house was sad. I've pasted my comments below. Note: I wanted to make sure the lender realized that there was a considerable amount of work (+25K) even though the report was as is and the comps were also super-fixers, so I included and estimate & list. Pick and choose as, and if, you see fit.
    -----------------------------------------------------------------

    Deferred Maintenance:

    The subject has several areas of deferred maintenance described in the list below. No adjustment is made for cost-to-cure, as the appraised value is based on an as-is condition and all comparable sales utilized were in similar poor condition.

    Based on the appraiser's experience, cost to finish the projects and repairs noted below (including labor and materials) is estimated to be at least $xxx. The appraiser reserves the right to amend the estimate based on actual costs and recommends that a bid for repairs be obtained in order to define a more accurate estimate. The estimate given assumes that there is no underlying and/or hidden damage other than that which is described. The appraiser is not licensed as a contractor and recommends inspection by a licensed contractor to determine if further repair is needed.

    Items noted needing repair or completion:
    -Blah, Blah, Blah
     
  4. Gary Leduc

    Gary Leduc Junior Member

    0
    Jul 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    Thanks a bunch. I incorporated both in the report and saved for future need, too.
     
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