Average versus Fair condition

[Webbed Feet]

<snip>
The interior of this home is one of the worst I have seen. I'm I out of touch with reality - should a home is this condition be rated as average!

Thanks for your input

Hey MH,

Answer: Absolutely! IF you want to participate in mortgage fraud!

Webbed.

P.S... But keep in mind I AM using an Extraordinary Assumption that you did NOT use CB3 and require repairs! ... Right?.. You didn't do that right?

 

[hastalavista]

I think "fair" is treated unfairly!
Fair doesn't mean bad at all. In fact, it means not bad at all.

Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This
fair1

/fɛər/Pronunciation Key - Show Spelled Pronunciation[fair]Pronunciation Key - Show IPA Pronunciationadjective, -er, -est, adverb, -er, -est, noun, verb –adjective 1.free from bias, dishonesty, or injustice: a fair decision; a fair judge. 2.legitimately sought, pursued, done, given, etc.; proper under the rules: a fair fight. 3.moderately large; ample: a fair income. 4.neither excellent nor poor; moderately or tolerably good: fair health.

(my bold for #4)

I read in another dictionary where fair was defined as
Not particularly good and not particularly bad.

I don't know why the term fair has been redefined in our industry into meaning "less than fair"?

So, to the OP's point, if the inside of the subject is one of the worst that you have seen, I think your fair rating is more than fair! :new_smile-l:

 

[CANative]

I can't stand it when I describe a non-descript, cookie cutter, mass built tract house on a slab as being fair quality and the underwriter demands that I remove the word "fair" from the quality rating.

 

[timd354]

Interior photos are the key, once the MB/LO sees the interior photos, they don't even waste time with trying to get you to reword your report

Actually, they try to get you to remove the interior photos and reword the report....so they waste even more time!

 

[Pat Butler]

What's actually interesting is that so long as an improvement item needs replacing then it doesn't matter how bad it's condition is. For example, I had tenants put a number of permanent stains in the carpet in one of my rental properties. I told them that it had to be replaced entirely. They might as well have spray painted graffiti all over the carpet because it wouldn't have cost me an additional cent to replace it.

In your case, those drywall holes are going to require lots of repairs and lots of repainting.

 

[Mike Siegfried]

The lenders seem to have a real problem with the word "Fair". In my few encounters with homes like this, I have used the term "Average-" which seems less offensive to them. However, I also detail all of the items of deferred maintenance and include a lot of photos so they can see just how "-" it is. And of course, the condition adjustments and value were the same as if I had used the "F" word.

Mike

 

[hal380]

The fact that even the bank wants you to state the condition as average is a clear indication of the cause of the crisis we are in. If the bank were using their own money, they would want the truth. The fact is they need your signature on a paper to say that the home is in average condition, then they can sell the loan. Where the hell has integrity gone????

Hal

 

[Lobo Fan]

The problem is that they cannot proceed with the loan unless the appraiser describes it as average or better. It is all about the close, not the truth. Come up with a cost to cure in excess of $2500.00 and that will get you to the same place.

It is what it is. Stick to your guns. Of course you will likely get black listed for being uncooperative and not a team player.

 

[Richard Carlsen]

Forget the time spent on "cost to cure" (cost to cure to what level or standard, ummmmm?).

There is a simple device that is made for appraisers that stops this kind of pressure and unwarranted requests to change reports. Sure it costs about $100 bucks or so but this simple device works wonders in stopping this sort of thing and saving the appraiser both time and frustration.

It's called a digital camera. And with it you can (believe it or not) make an image of the holes in the walls, the broker doors, worn carpet and glass, deteriorating shingles, rotting wood and with a few clicks of the mouse on your computer, put a real image of the condition right into the report. Most appraisal software companies have anticipated this use and have devised an additional page that can be inserted right in the report for these images. It's called the "6 block photo page." You can even put 2 or even 3 of these 6-block photo pages in a report if you think it is necessary to tell the story of the condition of the property.

You might want to consider getting and using one of these handy devices for situations like this in the future.

 

[debbie graham]

Fair condition

Formerly a Colorado gal................do not change it!!! They are all about the deal. Stick to your guns! I had a supervisor ( first one) who asked me to change it!!! Just getting into the field, learning the ropes, it didn't matter, I said no, and if he changed it I would not sign it. He changed it and signed it.
Don't worry, he has been caught!
What I have told appraiser trainees, approach every home as if every home will be reviewed by another appraiser, and what if your property was?
What woul the review appraiser report?
I know business is slow and every time I refuse to do something I'm pressured to do, I think good Karma comes to me, because I'm still hanging in there even starting in a new state.
Deb