C5 Condition Rating

[J Grant]

It is doubtful that an appraiser would even be able to observe a hole that small, but assuming that he or she did, Fannie's guidance regarding active roof leaks (which a hole in the roof would be) is unambiguous and would require a C6 rating (as is) and require the appraisal to be subject to repair....That is not my opinion but what is required by the Fannie Mae Selling Guide...if you don't like it, take it up with Fannie.

Usually an appraiser can not observe any hole in a roof, since we don't climb up on the roof and unless it is a gaping hole clear through attic and ceiling , the way appraiser sees presence of a hole in roof is by water stains or bulges in ceiling/paint bubbling underneath etc. Some owners do a quick repair and patch/paint n ceiling, other times a professional contractor/roofer fixes the area and re tiles where needed, but owner has not done the cosmetic paint on ceiling. So it is not always that easy to tell what is going on.

 

[residentialguy]

Rare shot of JG inspecting the subject

 

[TRESinc]

I have to respectfully disagree. C1 maybe C2 could be considered absolute. The rest are up to some interpretation and opinion. C6 leaves a little less room for opinion. But still needs some opinion based conclusions. C3,4 &5 each have quite a bit of room for interpretation and/or opinion. The notes after each definition pretty much confirms it.

of course it is, he was just using the post as a way to take a dig at time.

 

[Deleted member 130081]

Water is the most destructive force on the planet, though not necessarily the most destructive in the shortest amount of time. If you have roof issues, you have a security issue, because the improvements may be deteriorating much faster than they should. Considering you can't even see them in many cases, anytime you do visually observe water damage, the last thing you should do is ignore it. A new high of stupidity that I never thought even possible has come to pass on this thread.

"Don't worry about that hole, a house needs fresh water. Yup, that's good for the house every so often! Heck, studies say mold can actually be good for you too! " I don't think a realtor on their most deceitful day would ever dream of saying something so ridiculous and expect to get away with it.

I agree it seems strange a plumbing leak may not have to be fixed. The only thing I can think of there is that they are usually more centralized and easily identified? I dunno...I would require any plumbing leaking outside of the fixture be fixed if I was in charge and as an appraiser, note that stuff as a deficiency every time - any buyer in their right minds would see it that way too.

 

[Deleted member 134708]

I have to respectfully disagree. C1 maybe C2 could be considered absolute. The rest are up to some interpretation and opinion. C6 leaves a little less room for opinion. But still needs some opinion based conclusions. C3,4 &5 each have quite a bit of room for interpretation and/or opinion. The notes after each definition pretty much confirms it.

Umm. Ask @timd354 He is the insider.

It’s absolute. Not relative. That’s the beautify or retardation of it. Which ever you think.

If you have been eating things relative. I’m gonna day you won’t have your license very long. Ratings are absolute. A homeless person can rate it. Everyone rates it exactly the same. Why it’s called absolute.

Now adjustments — those are relative — so you need to use 2 different scales. Relative and absolute.

And DO NOT mislead the reader. You need to state which is relative and which is absolute.

I don’t appraise anymore but I started mentoring someone to review. I’ve taught them to destroy when the reader doesn’t know absolute from relative.

 

[Dublin ohio]

I’ve taught them to destroy when the reader doesn’t know absolute from relative

Jibberish. Why in the world would you be destroying the reader. Your posts have relatively nothing to do with the OP. Except to confuse the situation and provide a platform for some intellectual chest thumping. You seem to assume that you are the only one that realizes that the ratings are absolute as you put it. Condition has always been condition. I will admit that when we used to use poor, fair, average and good. There was quite a bit of room for interpretation and opinion. But I did not consider it a relative scale. I could go on, but....

 

[chad hampton]

Looks like that wonderful UAD sure did clear up any and all questions regarding condition.

Go back to good, average, fair, or poor. Or any combo of the 4. Nothing has changed, banks saw the word fair and they went into panic mode. Now they see C5 and they go into panic mode. Still falls back on the appraiser to say what are the most minimal repairs needed to get that magical C4 on the paper. What a waste of time and energy developing the UAD was. Can't change the fact that bankers want loans to be pushed through, they don't want the truth.

Next time we change the system, focus on the real problem.

 

[Carnivore]

UAD did create some form of standardization. So I don't reject it, I do live with it, because it ain't going away.

 

[timd354]

. What a waste of time and energy developing the UAD was.

The UAD does exactly what it was designed to, which is to standardize appraisal data so that it can be aggregated by the GSE's and other large users of mortgage lending appraisals. It is an overwhelming success for that purpose and is not going away anytime soon. The fact that you and some other appraisers don't like it really does not matter. Sorry, but that is just the straight up truth of the matter.

 

[Deleted member 130081]

I don't like the UAD in general, but I like the quality and condition rating system. The ratings leave little to no room to interpret, which was the point. The houses however, aren't always consistent within themselves. So, sometimes a house will have elements of Q2, Q3 and Q4, so you have to just pick the best one. I think that is likely the largest reason for different ratings between appraisers and probably between appraisals for the same property from the same appraiser.