Incurable Obsolescence?

[J Grant]

If the OP relies on anyone here rather than himself to rate the home he shouldn't be appraising..we are offering our opinion based on the information he gave !

 

[DARREN GODFREY]

Rambler added onto over the years without much thought.

I think there are products and techniques for leveling the floors (slab) out that might not be so expense as to make the condition "incurable."

Yeah, that was a major concern of calling this incurable. I just don't have construction experience/knowledge to that level and saying so could almost create a tort.

 

[DARREN GODFREY]

Rambler added onto over the years without much thought.

I think there are products and techniques for leveling the floors (slab) out that might not be so expense as to make the condition "incurable."

Yeah, that was a major concern of calling this incurable. I just don't have construction experience/knowledge to that level and saying so could almost create a tort.

I expect FHA will rely on the OP to grade the home out. Not you or I.
Might be a Q5 or Q6 or not

That's all I ever said. You on the other hand...

Ok , it seems that Q6 applies....so now all I have to do is find another Q5-Q6 property with a fully updated kitchen and baths and extra small bedrooms. Uggh, I hate when I get stuck with flipper garbage.
Btw , I would love to post photos but it would seem to be a TOS violation.

 

[J Grant]

These end up being complex assignments as you are seeing. Normally we don't find all the features present in subject in a comp, re Q5/6 with updated kitchen /baths ( though you might find it)./ These kinds of appraisal sometimes need additional comps, with a lot of adjustments made for Q ratings, updating, etc. The small bedrooms...why are they so small? Is it a period house with other similar houses of that time with small bedrooms? Were the bedrooms originally that small, or made from an addition or cut up rooms?.

It it's a flip, see what it sold for as a flip, and what it may have sold for years ago as a "normal" sale. Buyers of this type of property , a flip sale with cosmetic update but overall a POS with low down FHA may not be well informed /over paying ...just do the cost approach, and find your comps, make the adjustments, see where it ends up. A slog through it assignment..

 

[DTB]

Rambler added onto over the years without much thought.

I think there are products and techniques for leveling the floors (slab) out that might not be so expense as to make the condition "incurable."

For 5" deviations?

 

[CANative]

I didn't see the 5" part. That's a lot.

I suppose it's a matter of what, where and why. Since the FHA appraiser can't determine this the option might be to either complete the appraisal "as is" and recommend rejection (after consulting with the client.)

 

[Slappy]

Do not forget to also consider what is "permitted". In my area, assessor records incude a taxed GLA which gives one a starting point in determining what is legal. Areas that are not legal could be considered as storage and exluded from GLA. Quality/finish considerations could then be not a pertinent issue for storage areas (exclusive of safety considerations).

 

[residentialguy]

For 5" deviations?

Raise it up to 7" and call it a step. Cured that problem!

 

[glenn walker]

Contact your HOC and discuss your situation but based on your description this is one of those few rejects we come across every few years. FHA allows the appraiser to recommend rejecting a property due to being poor security.

 

[DARREN GODFREY]

Contact your HOC and discuss your situation but based on your description this is one of those few rejects we come across every few years. FHA allows the appraiser to recommend rejecting a property due to being poor security.

HOC?