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Clueless?

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michaelgraybeal

Thread Starter
Sophomore Member
Joined
Jun 26, 2006
Professional Status
Certified Residential Appraiser
State
Florida
O.k here is the deal. I got what I thought was a cookie cutter appraisal. Then I did the inspection. The subject was in a new neighborhood that consist of small 3/2 1,150 square foot homes identical to the subject built in the prior two years. When walking into the master bedroom I saw a closet and I assumed the other door was the bathroom. When I opened the door I revealed that the " bath" was not a bath at all. It was a room that the builder intended to be a bath, yet had been left as a closet because the homeowner did not want to pay for it at the time. Here is the kicker, the owner has now installed a toilet in this closet..thats it. He then told me he intends to make it into a full bath once he gets the loan.. Should I call it a one bathroom and use all comparbles with two bathrooms and adjust:new_all_coholic: it there. Or should I call it a two bathroom and punish it for functional utility in order to complete that bathroom. This lender requires all appraisals as-is and I have never run across this in my career. Please help
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
It sounds like you have a subject property with one full bath and one quarter bath. There seems to be a functional problem that you have to address.
 

DJBanas

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I agree with Stefan. 1 1/4 bath. Take pictures and attach to prove it's size. Is there really a functional problem? Doesn't sound it to me, but....
 

Joe Milla

Junior Member
Joined
Feb 13, 2007
Professional Status
Certified Residential Appraiser
State
Massachusetts
If all rough plumbing is in and if all that is needed is a couple of fixtures installed, why not call it a 2 bath and deduct for cost-to-cure?
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
If you consider the health risk there may be a functional problem! My mom always told me to wash my hands after I went, where in a bathroom with only a toilet do you do that? In the toilet? Functional problem in my opinion, cost to cure to install a sink of any kind would solve it.
 

DJBanas

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
"...lender requires all appraisals as-is..."

This would eliminate, at least to me, showing it as a 2 bath. I've seen baths, basements, kitchens, etc. that I was told were going to be updated/remodeled/installed with the refi money and a year later I go back on another refi and the work is still not done. Better safe than sorry.
 

michaelgraybeal

Thread Starter
Sophomore Member
Joined
Jun 26, 2006
Professional Status
Certified Residential Appraiser
State
Florida
So I call it a bathroom on the sketch and report and then punish it $2500 for functional utility to install sink and shower?
 

michaelgraybeal

Thread Starter
Sophomore Member
Joined
Jun 26, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Or am I better off calling it a one bath, explaining that there are no one bath sales available and then adjust for bath count and hope it flies
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
The true definition of a Crapper....
 

DJBanas

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I wouldn't go that way. Call it a Powder room or a 1/4 bath on the sketch. In the grid I would show it as a 1.25 bath and adjust there.
 
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