Condition of the appraisal

[larryrebecca]

I have a 1920 built house that has vinyl siding over old wood siding. There are missing vinyl soffitt sections, peeling paint on trim, wood rot where exposed, warped siding, sloping wood post foundation in the den addition and a collapsed roof section over the rear entry door to the den. It looks like someone stepped on that section and it just broke into an offset "V" to the left of the door entry. The roof also is very wavy and has one large upheaval going away from the collapsed area? Should I just stop this appraisal or should I complete it with a condition for inspection? thanks

 

[RSW]

You should complete the assignment,report the MPR items and a cost to cure them. You should also report the cosmetic items and consider them in the condition rating of the subject property. If the MPR items total more than $5,000, then it will not be eligable for the FHA insurance program. It may be eligable for the 203 (k) program. Just report what is there and let the UW and HUD/FHA make a decission about the loan.

 

[larryrebecca]

Condition of Appraisal

I think the MPR items will be less than $5,000 because the section that is collapsed is about a 5' x 8' cover over the rear entry. The roof is functional and not leaking but heavily worn. The vinyl is cosmetic and the pealing paint areas are primarily around the door entries where their not covered by siding. Should I still check it off as a condition for further inspection or subject to repairs and alterations? thanks

 

[Greg Bell]

Subject to MPR repairs.Cosmetic repairs are up to the client.Peeling paint is MPR due to age of home.Damaged vinyl siding is usually cosmetic

 

[larryrebecca]

Condition of Appraisal

Thanks, what about the sloping den floor which is built on wood post that are rotting or collapsing thus creating a slight drop to the east. You can feel yourself walking slightly down hill in that section of the house? Cosmetic or MPR? thanks

 

[RSW]

The damaged siding may need to be MPR if moisture can get behind the warped siding. That would be your judgement call. And as Greg Said, the chipping paint will need to be mpr as well. You may want to make it subject to an inspection of the roof system that has collapsed if you were not able to view the entire roof system.

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If the sloping den floor is from normal settlement and there are not problems with the doors and windows opening, then I would just mention the settlement and state that is was due to normal settlement and due to its age. If you suspect a foundation problem, then you should subject to an inspection of the foundation.

 

[larryrebecca]

Condition of Appraisal

The siding is not professionally installed. It has areas of severe warpage to where it is pulling away from the house. I know the wood underneath probably looks like the wood that is exposed around the doors. Its just one of those real old houses that is still solid but showing signs of being rode hard and put up wet! Its hanging on but barely.........Overall its still sound, still safe, still secure except for items noted. thanks

 

[larryrebecca]

Condition of Appraisal

The foundation settlement is due to age! It could be given additional stabilization for not much cost. I think the den is about 15' x 15'. I may list it under cosmetic becuase its functional as is but would be better if level.

 

[Greg Bell]

The sloping floor may need an inspection (Your call) the way you have described it , however , no cost to cure would be known.Not insurable until inspections and repairs are made.

 

[Webbed Feet]

<...... snip......>If the sloping den floor is from normal settlement and there are not problems with the doors and windows opening, then I would just mention the settlement and state that is was due to normal settlement and due to its age. If you suspect a foundation problem, then you should subject to an inspection of the foundation.

RSW,

Oh holy cow! Please define "normal settlement" and quote a source for the definition. Then please explain, in detail, the specific appraiser actions of inspection to determine "normal" that reach an acceptable level of due diligence that would prevent 100% any appraiser liability if the appraiser is completely wrong.

Webbed.