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Cemwood Roof

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Rich Taylor

Freshman Member
Joined
Jun 9, 2003
Professional Status
Certified Residential Appraiser
State
California
I'm appraising a SFR for a purchase and discovered during the inspection that the subject has a Cemwood roof. (2055 int/ext report)

In my report i have referenced that the the Purchase Agreement states that the roof is being sold "as is". I have also shown the 'Roof Surface' as "Cemwood". I have also mentioned that the current owners(sellers) have stated they have not had any problems with the roof.

I have made no adjustments to comps.

Knowing that there are some litigation issues involving this roofing material. Are there any other comments or statements that you think i should make in the report? Any other suggestions?

Thanks
Rich
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Rich ~

You got a good eye!

The litigation was settled in mid-2000.

There is no law against the claimant pocketing the proceeds, which were quite minimal per claimant in the class action suit. A few thousand dollars.

Settlement was something like $100,000,000 and the attorneys got their cut, about 30%, as I recall.

Sounds like you've covered yourself. About all you can do is point out the observed condition by writing about it. The UW has a job to do too. They can have it inspected and/or do some legal research.

Put your information in a highly visible place. I always start very important information on the main form itself and if it runs long, let it flow to another page, so the UW can't miss it. Or reference it in bold type and state where the UW can find the info.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
For those of us that are not as learned our colleges. What is a cemwood roof?
 

Rich Taylor

Freshman Member
Joined
Jun 9, 2003
Professional Status
Certified Residential Appraiser
State
California
To quote the below website....

"The Shakes are a unique building product, composed of 2/3 Portland cement and 1/3 wood fiber, formed to look like a cedar shake, cement tile, or slate"

For more info:
http://www.cemwoodclaims.com/index.html
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Glad someone ask what it was....never heard of it either. I doubt I would be able to tell the difference. No one is doing wood roofs here anymore.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
OK I have heard of that. Just not by that name. Hardy makes something similar too but I don't think they have had any problems with them. Thanks!
 
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