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Cracked foundation and exterior/inside walls for REO appraisal

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al002kim

Thread Starter
Sophomore Member
Joined
Nov 30, 2007
Professional Status
Certified Residential Appraiser
State
California
I've been doing many REO appraisals and finally went accross with this situation: It's a small SFR with 1000 sf, with partial "California" basement, built in 1950's and besides of normal cosmestic wears of house condition, there are several cracks throughout the house including the foundation noted in the basement. Those cracks got even worse after a quake in SoCalifornia recently per owner (another tip for REO assignments, never trust and rely on owners & agents statements about house conditions). Normally I would state to get a Structural Engineer for detailed study of those cracks for safety issue, however, how should I bring this in the REO addendum? Do I state costs of demolishing entirely the whole house for new construction, or just state cost-to-cure in re-inforce foundation and strip off old walls for new? Comments from experienced situations like this are very thankful! Thanks in advance!

Another question: Does someone know how to change my status as License to Certified Residential? good times~
 

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RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I have had this type of situation before on REO Appaisals. I contacted the client and told them that a structural engineer needed to inspect the property and a cost to cure the damage should be provided to me since I was not an expert in structural problems. They got the report about two months later and I was able to finish the report based upon that information. You may want to handle it differently.
 
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