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Old 11-01-2011, 02:45 PM
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Exclamation As-is? CB4? What to do.

Doing a FNMA refi. The HBM siding is going to be replaced once the deal is done.

Issue: Peeling exterior paint. Year built: 1950.

QUESTION: Would you state the possible health issue of lead based paint and do it "as-is"? Or would you mark Check Box 4 - extraordinary assumption that the condition does not require repair?

I'm leaning to mark CB4. Am I being too legalistic?
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Old 11-01-2011, 03:08 PM
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AS-IS - state the deferred maintenance, state the potential of lead base paint, state you are not an expert and it is beyond your expertise to test.
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Old 11-01-2011, 03:09 PM
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Marty Boone Marty Boone is offline
 
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I would describe the condition of the siding and go with "As Is" and then add something like;

The appraiser is not a home or environmental inspector. The appraiser provides an opinion of value. The appraisal does not guarantee that the property is free of defects or environmental problems. The appraiser performs an inspection of visible and accessible areas only. Lead Based Paint may be present, a professional home inspection or environmental inspection is recommended should the client have a concern.

Just my $.02, obviously FHA gets handled differently.
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Old 11-01-2011, 03:12 PM
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Hmmm....maybe I'm just being too paranoid.
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Old 11-01-2011, 03:59 PM
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Scott R Marshall Scott R Marshall is offline
 
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For Fannie/Freddie, report what was observed, complete the report "as is" with any costs to cure (repaint) deemed appropriate based on the comparables selected and let the UW's deal with it.

Of course if it were FHA, it would be a whole different process and would require repair due to the potential of lead.
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Old 11-01-2011, 04:06 PM
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Quote:
Originally Posted by Scott R Marshall View Post
For Fannie/Freddie, report what was observed, complete the report "as is" with any costs to cure (repaint) deemed appropriate based on the comparables selected and let the UW's deal with it.

Of course if it were FHA, it would be a whole different process and would require repair due to the potential of lead.

So based upon appraisal theory, it could be completed either way competently and in a non misleading manner ... that being the case I believe the issue would be based upon an assignment condition, absent that condition, either way could be done correctly.
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Old 11-01-2011, 05:13 PM
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Disclose the condition and let the client make the call.
If it were FHA you would call for correction.
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