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Reo Appraisal

Discussion in 'Urgent - Help Needed' started by GTM, Mar 15, 2006.

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  1. GTM

    GTM Sophomore Member

    0
    Jan 18, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    I did an inspection on a reo property. The inside was not that bad except for previous owners trash laying about. The problem I have is that the whole house smells of cat urine and feces. What would be an appropriate way to handle the cost to remedy the smell. It permeates the whole house.
    Thanks,
    Jerry
     
  2. Judy Whitehead (Florida)

    Judy Whitehead (Florida) Senior Member

    0
    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Well - it depends. If the flooring is a concrete slab, then most of the time it can be sprayed and deodorized. When my mom bought her house many years ago, we actually had to have the drywall replaced from about 2-3 feet from the floor up as the cats had been spraying. Usually they won't do it in every room. So.....I would allow for both eventualities, including floor covering replacement. Don't you just love our job? BTW, you can price individual things out of M & S, including floor coverings, drywall, etc. That's what we usually do.

    My son is taking along an appraiser want-to-be to ride with him and has the perfect place to break him in - an estate where a recluse lived, 2 acres, overgrown, pit bulls next door and no bathroom in the house - I guess they went in the yard. Ahhhh - the true test for an appraiser-want-to-be! When my son first started we went into some really gaggy places.
     
  3. Don Clark

    Don Clark Elite Member

    16
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Cost to cure

    If you mean a cost to cure, that is a big question. Is the carpet salvageable? Is the flooring damaged? I would call someone locally and see if you can get a quote. If you cannot make a real good determinination you could state that it will cost less than $X but likely more than $X for a cost to cure.
     
  4. Brad Ellis

    Brad Ellis Senior Member

    0
    Feb 7, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Gerald,

    Take great care. Cat urine is one of those things that might be impossible to get out- you may have to replace the subfloors. Ouch.

    Recommend the client get a pro firm out there that specializes in such things.

    Brad
     
  5. DTB

    DTB Elite Member

    43
    Jun 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Not a huge deal but you will have to replace subfloor as Brad said.

    Have dog and human urine situation as we speak ( Wilson-Kedzie, for Brad), cutting out subfloors and replacing subfloors and red oak hardwood flooring.

    $5-6 a square foot for 2 floors, 1300 sq. ft @. None of these cost to cure items are that bad but they sure do scare people off.
     
  6. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    Had one this afternoon for a refi. Dog has been with the family for 18 years, wife dose not want to have it put down. The dog is incontinent and the carpets just reak in this house. The dog still has the run of the house. This was a nice two story 2500 GLA.

    I am going to check box four on this one and let the lender do the walking.

    In a REO besure of your numbers. Give the lender a heads up and your working on the problem.
     
  7. GTM

    GTM Sophomore Member

    0
    Jan 18, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Thanks

    Thank you for your replies.
     
  8. Steve Owen

    Steve Owen Elite Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    You might want to consider contacting an expert in this kind of remediation for a bid. Most likely you will find them under "restoration" and their main line of work will be smoke and fire restoration.
     
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