Condition Rating And Economic Life For A House With Foundation Damage

[redfish]

More than likely the lender wants to proceed with an as-is valuation to document the reason for loan application rejection.

 

[residentialguy]

More than likely the lender wants to proceed with an as-is valuation to document the reason for loan application rejection.

If this is for an in house loan on a generic form, then fine. If this is for FNMA, FHA, etc...you can't.

 

[Carnivore]

I agree with Mike, since its an AMC and probably not a very good fee to begin with you can do the smart thing and withdraw now! Some will say this is running...well maybe so, but no one is going to be happy; homeowner or the AMC(they going to have to wait on their money also) nor the lender. Really if its as bad as it sounds there going to need more than one estimate. Having said that, you can't really do an as-is until you have the engineering report and estimates from Reliable contractors and its pointless to have an AS-IS. Could you do an AS-Repaired; yep sure would be easier. One last thing everyone is going to want you to do the final. Yep, well a final is when the appropriate people(enigineer) sign off on the work. You'r not one of them people.

 

[residentialguy]

you can't really do an as-is until you have the engineering report and estimates from Reliable contractors and its pointless to have an AS-IS

That is still not "as-is". That's an EA report with check box 4. Even if they produced the report prior to completion, I'd mark cb4 and EA it to the report.

 

[Carnivore]

That is still not "as-is". That's an EA report with check box 4. Even if they produced the report prior to completion, I'd mark cb4 and EA it to the report.

I was speaking terms of a general all purpose report, not necessarily FNMA. This repair cost hypothetically could exceed the market value as-repaired.

 

[jay trotta]

I was speaking terms of a general all purpose report, not necessarily FNMA. This repair cost hypothetically could exceed the market value as-repaired.

Agreed, years back did a Contaminated property that had a Sale Agreement and the Seller/Lender was irate because I would not put a number on it without an Environmental Report with a Cost To Cure. The only reason they had a "Potential Sale" was because no one had a clue of a Cost to Cure; rip out & repair far exceed the cost new, unimpaired.