condo as-is with broken project HVAC

[maugust]

Even if all of the units were undergoing similar repairs at the same time as the subject, that doesn't mean that they were at the time of their sale. The subject's state is as of my inspection, but the comparables' state is as of their sale.

The unit was being worked on or replaced when the appraiser did the inspection, and thats how he/she even knew about it. Geez all the appraiser had to do is ask the owner, buyer, seller , a neighbor when is the repair going to be completed and we all wonder why lenders are going to PIW'S and AVM'S

If I could do this appraisal from my desk like an AVM, then this wouldn't be an issue. Simply knowing when it will be fixed doesn't give them an as-is value. And requiring I see the property myself put us in a situation where ignoring the HVAC on the floor becomes a hypothetical condition rather than an extraordinary assumption.

 

[jay trotta]

Even if all of the units were undergoing similar repairs at the same time as the subject, that doesn't mean that they were at the time of their sale. The subject's state is as of my inspection, but the comparables' state is as of their sale.




If I could do this appraisal from my desk like an AVM, then this wouldn't be an issue. Simply knowing when it will be fixed doesn't give them an as-is value. And requiring I see the property myself put us in a situation where ignoring the HVAC on the floor becomes a hypothetical condition rather than an extraordinary assumption.

Re-Read Post #5; also bear in mind "air rights", and from the inside paint Out - is the association responsibility; IMO a letter from the association in regards to repairs being completed by XYZ date and provided within the report should suffice.

 

[J Grant]

Even if all of the units were undergoing similar repairs at the same time as the subject, that doesn't mean that they were at the time of their sale. The subject's state is as of my inspection, but the comparables' state is as of their sale.

If I could do this appraisal from my desk like an AVM, then this wouldn't be an issue. Simply knowing when it will be fixed doesn't give them an as-is value. And requiring I see the property myself put us in a situation where ignoring the HVAC on the floor becomes a hypothetical condition rather than an extraordinary assumption.

Nobody recommends ignore it- Disclose HVAC is on the floor and that (typically, but check) replacement / repair has been paid for by assessment/other. A well informed buyer would know it is paid for, and therefore would not pay less $ to purchase the condo . Just disclose and explain. No need for HC and EA, which URAR form does not allow except for CB subject to. (assuming this is a URAR form )

If similar units in subject condo had same HVAC repair paid by assessment at the time of sale that would be baked in the price, whether or not the unit had been replaced yet.

 

[glenn walker]

I never recommenced it be ignored, I stated to report that it's being repaired or replaced , and do it "AS IS" because Lots of multi-Family and or high rise condos have large units that serve multiple units and not only HVAC but hot water etc. If I go to a 4 story Condo Unit and the owner or someone tells me the main boiler is being repaired or replaced , then I report it BUT I don't try to estimate a cost and divide that cost by X-Amount of units the HVAC serves. And especially in a condo unit , because the HOA dues cover those kinds of repairs and replacement. There are some-hills not worth dying on and this is one of them. The poor buyer or borrower, has a rate lock and a time limit to close escrow and the lender is telling the appraiser to complete it "as is " last time I checked F & F did not even require the appraiser to operate the HVAC and if its FHA then make it "Subject to Repair being completed.