A question on UAD Condition. C2 or C3

[Rich Heyn]

The home shows adequate maintenance...modest updates...

Definition of C3:
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.

Definition of C4:
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

I edited the quote for purposes of focus and not to take things out of context. According to the description of the OP, why is this not a C4?

 

[EddieB]

I agree, C3 or C4 depending of the OP observations

 

[Riick]

As friends have said, you never want to buy a house that's just about age 15.
Buy newer, or older.
Many mechanical items have a design life of 15-20 years, so expect a new furnace, A/C compressor, kitchen appliances, etc.

C3

 

[EDWARD BERRY]

An Airline Flight Attendant, Wal-mart Overseas Person, Etc. Would Say C2.

An Experienced Appraiser Would Say-effective Age 3 Years.

Udud Requires C3 Or C4.

True Appraising Gone To H--l.

 

[Michigander]

Definition of C3:
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.

Definition of C4:
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

I edited the quote for purposes of focus and not to take things out of context. According to the description of the OP, why is this not a C4?

Why isn't there a 3.5? Cosmetics not showing much wear but mechanicals original. FTR I call these C4 and lenders hate me.

 

[Tim Hicks (Texas)]

Why do you need C2 if it basically says almost new?

 

[Rich Heyn]

Why isn't there a 3.5? Cosmetics not showing much wear but mechanicals original. FTR I call these C4 and lenders hate me.

There's no C3.5 because the GSEs decided they wanted six ratings. A fifteen-year old home that has been "adequately" but not "well" maintained and has received only modest updating seems to me to be more aligned with C4 than C3

If you think you are hated now, wait until it becomes more common for lenders to structure interest rates according to condition and quality ratings. Then you'll be hated by the REALTORS(R) and borrowers as well.

 

[residentialguy]

C3 here.........

 

[Michigander]

There's no C3.5 because the GSEs decided they wanted six ratings. A fifteen-year old home that has been "adequately" but not "well" maintained and has received only modest updating seems to me to be more aligned with C4 than C3

If you think you are hated now, wait until it becomes more common for lenders to structure interest rates according to condition and quality ratings. Then you'll be hated by the REALTORS(R) and borrowers as well.

I am well on my way to being out of any lending work thank goodness. Just call it like it is and be done with it. Prefer to work with people who want my honest opinion.

 

[incognito]

No question, C3. C2 REQUIRES that dwelling is almost new, or COMPLETELY renovated in similar condition to new construction.

C2 is not even a possible consideration in this case.