C4 VS C5

[ucbruin]

I appraised a home in 2015 and my notes at the time show C4 minus to C5 (I employed C4)....
I appraised the same home last week and the roof was replaced in 2016 (the only update since 2015)....

Other than the roof the home is only 5 years older....
My gut says C5 now....
But UAD definition seems to say C4 because the mechanics appear to function adequately....

Damn, I guess C4 again....

 

[CindyR]

i would suggest that your inspection from 5 years ago is not really relevant to your 2020 appraisal...

 

[CANative]

C4 is "Average" and covers a wide range of conditions and obsolescence.

Marshall & Swift used to define average condition as a condition without inspection. C5 needs to be pretty beat up and neglected (IMO) to deserve that rating.

 

[Terrel L. Shields]

Considering 5 years to be about 10% of the total economic life (typical is 50 -60 years) and the roof has been updated, I'd say you are still within "10%" of the condition of 5 years ago... And if C 1 - C6 can be described as the condition between New and 50% new... then each C rating represents 10%... So, I'd use the same rating. Looks pretty much the same, right?

I recall an old GF (well, she's old now but then she was about 25) who built a new home on her father's old farm. Uncle was a builder and payments were cheaper than rent. Just a plain little 1100 SF house on 5 acres. A couple years later she had a chance to go to New Hampshire to teach and she sold the house. About 10 years later I was just starting my career and was sent to appraise this 12 year old house. I was shocked. It was in shambles. The shingles were bad, and looked terrible. It leaked and the stains were everywhere and the owners were pigs. It went from a C2 to a C6 in some 10 years. Fast forward 10 years later, and I had to appraise a house past that home. Well, it was looking much better, new roof and the exterior was spruced up a lot. Prolly C4 since I assume the owners at that point had fixed up the interior surely.

 

[Mike Kennedy]

A property in C4 condition has been adequately maintained and requires only minimal repairs to building components and/or cosmetic repairs. This means that all major building components (foundation, roof, central HVAC, etc.) have been adequately maintained and are functioning as intended.

versus

C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

 

[CANative]

I just had to pull the trigger and inform my client/AMC that the property I inspected on Friday is going to have to have a C5 rating. It wasn't an easy decision.

 

[ucbruin]

I just had to pull the trigger and inform my client/AMC that the property I inspected on Friday is going to have to have a C5 rating. It wasn't an easy decision.

Help me out here....
Can you share a list of issues that pushed you to C5?

 

[glenn walker]

I appraised a home in 2015 and my notes at the time show C4 minus to C5 (I employed C4)....
I appraised the same home last week and the roof was replaced in 2016 (the only update since 2015)....

Other than the roof the home is only 5 years older....
My gut says C5 now....
But UAD definition seems to say C4 because the mechanics appear to function adequately....

Damn, I guess C4 again....

C-4

 

[CANative]

Help me out here....
Can you share a list of issues that pushed you to C5?

Really bad paint peel. They painted redwood without a primer coat. And it looks like there is settlement and a crumbling concrete perimeter enclosure. See the house photo straight on... looks like it is leaning to the left (as well as gutters popping off and crooked windows.) That same left corner is where the foundation picture is located.

 

[glenn walker]

Looks like a hard C-5 , The foundation appears to have shifted, not good, glad its your assignment and not mine : )