A Condition Rating Question

[TRESinc]

looking for some general opinions here. i have formed mine already.

the subject is a 62 year old ranch bought in may as an estate sale with no updates of any sort for at least 15+ years and quite possibly longer. from may to october it had what i would call a complete renovation - everything take down to studs, new drywall, trim, windows, subfloor and tile in kitchen and bath, all new carpet, all new kitchen (solid cherry cabinets, granite, etc - higher end materials) and bath (soaker tub, 12x24 floor tiles, tiled shower w/ over head rain shower), all new electric (wiring and 2 new boxes), all new plumbing (pex), new furnace and cac, windows, gutters w/ guards and more. everything is brand new except the roof (11 years), foundation and hot water tank.

what C would you give it and for what reasons?

 

[J Grant]

C3 only because of the roof. If they had put on a new roof, it would be a C2.

 

[alex gilbert]

I'd vote C2.

 

[hastalavista]

I agree with JGrant; but in the grid, I would expect to see adjustments reflecting the roof-difference only between any C2 vs. the property in question, and I would expect to see positive adjustments to C3 properties (assuming that they haven't been renovated to the same level... which likely they haven't).

This is an obvious weakness in the "C" rating system. On the face, one would expect a significant difference between C2 vs. C3. In this case, the difference is minimal (IMO).

 

[dobie]

My immediate reaction is C3 but I'm pretty conservative. I could be persuaded its a C2

 

[CANative]

I vote C2

 

[J Grant]

Your highlighted section says completely renovated...it was renovated but not completely, because the roof was not renovated or new.

I agree with Denis as to explanations and how it might be adjusted if compared to C2 or C3 houses ...the major component separating subject from C2 into C3 category is the roof. The water heater is not a major component and if the water heater were the only older element I would have called subject a C2.

 

[alex gilbert]

Your highlighted section says completely renovated...it was renovated but not completely, because the roof was not renovated or new.

I would think the extent of the renovation is such that C2 is appropriate. The roof is only 11 yrs old so I assume in good condition. If such a thing existed, I'd call this C2 minus. But since it doesn't, C2 is probably the best representation of a complete 'studs out remodel'. If comparing to another home with similar remodel, including a new roof, adjust and explain. In my opinion, based on the OP, condition is superior to C3 and C2 would be the best choice.

 

[Deleted member 134708]

@TRESinc

Don't spend any time on this. Take a coin and flip it is the max amount of time. You shouldn't care about flawed absolute [sic] UAD definitions. I started putting in my reports long ago,

"Language is present from C2 and C3. May be interpreted as C2, C3 or in between. Due to the strict nature of the UAD rating system it is not possible to rate in between. Cx chosen. Adjustments are made on a relative basis, so any homes falling in between a C2 and C3 would have been correctly identified and adjusted for regardless the absolute [sic] ratings scale."

If I use that house again where I had it C2 but all my current comps are C3 and subject C3, I leave old comp a C2, don't adjust and explain.

"Comp x has a C2 rating as the appraiser has used it in a prior report with a C2 rating. The subject and all comps may be interpreted as a C2, C3 or in between. Due to the strict nature of the UAD rating system it is not possible to rate in between. Adjustments are made on a relative basis so any differential would have been correctly identified and adjusted for regardless the absolute [sic] ratings scale. Comp x is relatively the same condition as the subject but rated C2 due to prior use. It is kept a C2 for consistency purposes for the CU system.".

 

[CANative]

Your highlighted section says completely renovated...it was renovated but not completely, because the roof was not renovated or new.

I agree with Denis as to explanations and how it might be adjusted if compared to C2 or C3 houses ...the major component separating subject from C2 into C3 category is the roof. The water heater is not a major component and if the water heater were the only older element I would have called subject a C2.

Well I agree with Alex. 11 years on a 30 or 40 year roof is basically nothing in context with a down to the studs renovation. C3 indicates depreciation and that some systems have not been updated. C3 is yesterdays Average or better. C2 is yesterdays Good or better.