C5 condition

[spittman]

So lender threw the ball on my court. If I use C5, I will have to set up condition to be repaired for homeowner to get loan.

Read your engagement letter. Most of the ones that I see say stop work if home is in C5 condition or they might say condition on C4 and list repairs needed. If it was not in the instructions then don't change your appraisal unless they pay extra fee.

If I say C5 why should I condition what needs to be corrected. UAD never said it had to be fixed. It's the lender's call.
I can describe the deferred maintenance and lenders should decide what to do whether to do further investigation or condition to be repaired to before giving the loan.

Haven't you ever done a new construction that was not complete yet? Do you state it is C5 or condition appraisal on C1???

So it's up to me in deciding the owner's fate.

No it's not.

 

[Fernando]

Read your engagement letter. Most of the ones that I see say stop work if home is in C5 condition or they might say condition on C4 and list repairs needed. If it was not in the instructions then don't change your appraisal unless they pay extra fee.

I contacted AMC and said C5 and if they wanted to continue. I thought AMC would say continue and put C5. Didn't expect me to put condition.

Haven't you ever done a new construction that was not complete yet? Do you state it is C5 or condition appraisal on C1???

Construction loan is different because it's construction and is expected to have hold backs.

No it's not.

I told AMC it was C5. I can always change my mind and so it's a C4 with some deferred maintenance.

 

[David S. Roberson]

Appraisers compare fixers with other fixers.

Never done any foreclosure work?

 

[Fernando]

Never done any foreclosure work?

Never. I don't like to go to dirty smelly houses.

 

[Fernando]

Being a nosey appraiser, I looked at the past history of owner. He has been a headache during the Great Recession going through notice of default and nearing foreclosure.
Yeah, the place looked like it hasn't been maintained in past 10 years.

 

[residentialguy]

C5 is fine for FNMA. Lenders need to get a grip.

 

[glenn walker]

C5 is fine for FNMA. Lenders need to get a grip.

Not really most will not fund one until its brought up to at least a low C-4--This will be Fernando last order from that lender- he only likes pristine properties, and cannot work normal working peoples neighborhoods. He suffers from systemic, judgement and racism. I hope he gets on HUD and Fannie Black List

 

[Fernando]

Not really most will not fund one until its brought up to at least a low C-4--This will be Fernando last order from that lender- he only likes pristine properties, and cannot work normal working peoples neighborhoods. He suffers from systemic, judgement and racism. I hope he gets on HUD and Fannie Black List

Fortunately, location of subject is in upper end part of Felony Flats so I can overlook the bad condition. If foreclosed, should easier to sell even in bad condition.