C5 at inspection. Lender wants appraisal changed

[sputnam]

This thread is as clear as mud.

 

[residentialguy]

OP should revise the original report. Not because of the 1004D being done, but because if you are reflecting value on the home as if the repairs have been made, then the report should reflect the condition it would be as if the repairs have been made.

 

[Ca Ar Independent]

The crux of the problem is: "Lender wants me to change the original report to show C4,"

The answer is No. Nothing else is relevant or pertains. The time machine metaphor that Riick posted about is dead on. I was going to post the same thing but it was time to go home.

Thank you. This is and was the case. Even with the pool filled the home was a C5. The repairs called for would NOT make the home "adequately maintained". NO REPAIRS were made according to the realtor, which is not really relevant anyway.

I did not re-inspect the home. Apparently they got "Joe Schmoe" contractor (?) to say that the home looked ok. If I were to go back, there would still be settlement cracks inside and out (every doorway & many areas of the ceiling drywall), cracks in the slab, ceiling water stains/mold & mold near the heating vents. No roof cert was done as far as I know. All I have been asked is "can you change the report to a C4 because "we can't close the loan on a C5" status.

The report was C5 "subject to" the above issues/health & safety. The home would not be a C4 once repaired. If the pool is filled and "J S" contractor says "eh, it's ok" (which I cannot verify BTW) the time machine does not go back and make the home a C4 subject to repairs.

 

[hastalavista]

Good.

Then I was right all along! :laugh:

 

[CANative]

Good.

Then I was right all along! :laugh:

*clears throat*

 

[Ca Ar Independent]

Thanks all. What I have recently discovered is that although I was trained to think "we are the eyes and ears of the lender" , now it seems that it has become "we will do whatever helps them close the loan". I can't play that one. My days may be numbered as I run out of clients that want things to be above board. I can't turn my head from health & safety issues so that everyone can move on (and someone move IN". Heavy sigh. Ok..back to the CE units.

 

[CANative]

It's always been like that. Well, at least as long as I've been in the business.

 

[hastalavista]

*clears throat*

We know (or are presuming) it was a C5: with the repairs, subject-to, would it have been a C4?
If yes, change the report's condition rating to C4 if it was rated C5.
If not, don't change the report.

:icon_wink:

1234567890

 

[CANative]

I was just clearing my throat. Sheesh.

 

[Ca Ar Independent]

Just got a call from the lender. They are not concerned that the property may have structural problems & may fall down on the heads of the borrower. They are only concerned that the report is not C4. WTF? I want to puke. I don't know why I'm even working on my license renewal.