DJBanas
Senior Member
- Joined
- Aug 26, 2005
- Professional Status
- Retired Appraiser
- State
- Pennsylvania
I performed a final inspection on a new construction attached townhouse the other day. The project is about 60% complete.
Despite assurances from the sales office that the unit was ready to go, when I went in I saw the walls were not even primed and not painted. hand railings were not installed although the support brackets were. There was also a hole in the master bedroom ceiling where either a hanging light or ceiling fan will be installed. A few other minor items.
Turned in the 1004d as "no" to the question if completed in accordance with the plans and specifications.
Now I am being asked to provide a "cost to cure". I was taught that on new construction you do not create a cost to cure if the improvement is not completed. I have done it that way about 5 or 6 times over my career and never had an issue.
I looked at efannie for guidance and nada. Anyone have thoughts? have I been wrong? Any supporting documentation either way? BTW, the lender's SOW only requires a cost to cure on improvements that have been previously built and a CO issued. No CO on this one yet.
Thanks in advance for any help.
Don
Despite assurances from the sales office that the unit was ready to go, when I went in I saw the walls were not even primed and not painted. hand railings were not installed although the support brackets were. There was also a hole in the master bedroom ceiling where either a hanging light or ceiling fan will be installed. A few other minor items.
Turned in the 1004d as "no" to the question if completed in accordance with the plans and specifications.
Now I am being asked to provide a "cost to cure". I was taught that on new construction you do not create a cost to cure if the improvement is not completed. I have done it that way about 5 or 6 times over my career and never had an issue.
I looked at efannie for guidance and nada. Anyone have thoughts? have I been wrong? Any supporting documentation either way? BTW, the lender's SOW only requires a cost to cure on improvements that have been previously built and a CO issued. No CO on this one yet.
Thanks in advance for any help.
Don