C5 at inspection. Lender wants appraisal changed

[Ca Ar Independent]

So the property had issues with the foundation (settlement cracks), pool (empty), heating (mold/mildew by vents), inside (settlement cracks aplenty), roof (water stains on ceiling). Report was "subject to" repairs/ inspections. Another appraiser did the 1004D/442 and realtor tells me today that they had everything "inspected and signed off" by some contractor. Lender wants me to change the original report to show C4, which it wasn't at the time of inspection. Doesn't the 1004D/442 clear the condition issues? I told the lender this but my head is swimming in a sea of CE units :Eyecrazy:and I could use the feedback. Thanks!

 

[Non Sequitur]

Report was "subject to" repairs/ inspections.

The report should have reflected the condition "subject-to". The way I read it, the lender is correct.

 

[RSW]

I agree with Non Sequitur. The report should have been made subject to with a C4 condition rating.

 

[Ca Ar Independent]

Nothing was repaired. In it's former and apparently current condition it was C5. The building was not "adequately maintained". If the pool was filled with water the property is still in C5 condition and "features obvious deferred maintenance". "All major building components are adequately maintained and are functionally adequate" does not apply since nothing was repaired. :eyecrazy"

 

[CANative]

Seems like they want you to change the condition rating as it exists now instead of then. New assignment.

 

[Non Sequitur]

Nothing was repaired. In it's former and apparently current condition it was C5.

So you appraised an actual C5 as "subject to" repairs to make it a C5? And what did the other appraiser report as repaired in the 1004D?

 

[Pilgrum]

This is one of the problems with the condition ratings. There is nothing in between. I have appraised properties that I had to call C5 but they were more probably C4 with a bit of deferred maintenance. Or call them C4 and explain, explain explain. Then the client wants more explanation as to why an adjustment was made to that C4 property and not the others.

 

[CANative]

The condition rating has nothing to do with the need to place a repair condition in the report.

 

[Non Sequitur]

The condition rating has nothing to do with the need to place a repair condition in the report.

If the report was subject to, yes it does. It doesn't make any sense to appraise "subject to" a list of repairs if the "as-repaired" condition stays the same as the "as-is" condition. The way I read the OP, the original report should have been C4 subject to repairs.

 

[CANative]

In the past, could you put a condition of "Fair" on a property and not make it subject to repairs?