1004 Materials/Condition Designation

[abelc]

In the 1004 report under "Improvements" there is the section for Materials/Condition. When the condition is good, I tend to use abbreviation "Gd". When the materials condition is average, I use "Avg". What about when the material has significant deferred maintenance? What abbreviation and/or actual description do you typical use? "needs repair"? something else? Please advise.

 

[JeffSH]

Below Average
Poor

Don't use fair. It's ambiguous IMO.

 

[abelc]

Below Average
Poor

Don't use fair. It's ambiguous IMO.

Thank you JeffSH

 

[JeffSH]

Be careful straying from average.

If I'm appraising a C5 home where all the finishes are functional but haven't been touched in 30 years, I'm going to be comparing it to similar homes with dated finishes. In a big picture sense, the subject might be in poor condition. Relative to my comps and other homes in the market, the condition is average. I fill out the improvements section based on the market.

For example, I'm doing a ~2005 home where the borrower ripped everything up and tore everything out for resale before the bank could evict. I'm definitely saying everything is in poor condition because there will be no similar comps.

 

[Tom4value]

In the 1004 report under "Improvements" there is the section for Materials/Condition. When the condition is good, I tend to use abbreviation "Gd". When the materials condition is average, I use "Avg". What about when the material has significant deferred maintenance? What abbreviation and/or actual description do you typical use? "needs repair"? something else? Please advise.

That section does not specify UAD terms so whatever you want is fine. The key is describing it in detail in the comment section.