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Old 03-03-2006, 01:19 PM
Gary Leduc's Avatar
Gary Leduc Gary Leduc is offline
 
Join Date: Jul 2002
Location: Pine Mountain, GA
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 446
Default Deferred maintenence comment

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?
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Old 03-03-2006, 01:22 PM
DB's Avatar
DB DB is offline
 
Join Date: Apr 2003
Location: The Great State of Tennessee (Mid-TN)
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 11,204
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It appears that subject has had little or no ongoing, routine maintenance and is in ______ condition.
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Old 03-03-2006, 02:05 PM
Wendy Wendy is offline
 
Join Date: Feb 2004
Location: Volusia/Flagler
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 4,133
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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
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Old 03-03-2006, 02:17 PM
Gary Leduc's Avatar
Gary Leduc Gary Leduc is offline
 
Join Date: Jul 2002
Location: Pine Mountain, GA
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 446
Default

Thanks a bunch. I incorporated both in the report and saved for future need, too.
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