Cost to cure adjustment or subject to?

[Terrel L. Shields]

Dang that's low..... I wouldn't be doing my own bathroom if that was a full gut cost here....

I was bid $6k by a local plumbing contractor to remove a tub replace with a shower stall and then install a new toilet. "Rebath" and some of those outfits were bidding $22k-30k - absurd.

 

[Tom D]

The plumbing is already there. The rest is all cosmetic and your wife's taste. Now, i'm little row house bathroom. Some of yous big suburban bathrooms would be pricey.

 

[Vermonter]

Don't ask for repairs, let the underwriter do it. With a photo they surely will have an opinion. Around here most homes only have 1 bath, this house now has 1.1 baths which is more than sufficient for any emergency visit, if full bath is in use. The bathroom is actually totally gone. If you don't want another bathroom then it's just cosmetic stuff. But either way, better to get the exact answer from the lender to avoid the stip to add it, or don't add it. I would have asked the owners if they had the money to finish it, which might determine my approach.

Contractors are the worst owners, i have seen them take months to finish stuff in their own homes.

GLA, not GLA, more ansi nonsense. Call it a rustic closet.

What does the owners having money to fix it have to do with your appraisal or how you are reporting?

 

[Mark K]

Ask your client and ask FHA.

 

[RSW]

What most of you are forgetting is that the OP's appraisal was for the FHA. The 2nd full bath on the upper level was gutted. It does not qualify as GLA and suffers ftom from a functional inadequacy and could be a safety hazard. The property does not meet the FHA' MPRs and the appraisal should be completed SUBJECT TO completion of the bathroom. There's no reason for the appraiser to notify the client to see how they want it done.

 

[mp2277]

Is this a hall bath or a primary bath? If the hall bath is the one...then your as-is report may have a functional issue as you would have to pass through the primary bedroom to access the only bath. Also do you have similar comparable sales (probably not a comparable with only one full bath located inside a bedroom.

Just had a similar situation and after sending the lender details and photos.....subject to bath repairs being finished was what they wanted.

"2 baths up half bath down. One bath up is stripped to studs and is undergoing renovation."

 

[alebrewer]

It is absolutely no wonder no one trusts appraisers.

 

[Charles West]

$10k sounds dangerously low to me. Depending on the neighborhood and the upgrades, baths generally start at around $25,000 for just the basic stuff.

 

[J Grant]

$10k sounds dangerously low to me. Depending on the neighborhood and the upgrades, baths generally start at around $25,000 for just the basic stuff.

? Here, I recently got quoted 10k to remodel a regular-size bathroom with average quality materials.

It is cheaper and easier for workmen to have a stripped down bath then to have to remove everything in an existing bathroom,