Curling Comp Shingle Roof Question For Conventional Loan

[residentialguy]

If they decide to build a 16X40 deck using organic Brazilian Ipe then the SOW has been changed and if they want that remedy considered in the value its a new assignment.

Okay, you wouldn't have assumed that they installed a 6X40 deck using organic Brazilian Ipe. How would you have assumed it?

 

[J Grant]

But you don't have the competency to decide whether or not the whole roof needs to be replaced. It's not about being made consistent with main dwelling standard of workmanship/materials...that is assumed.

Appraisers have a certain base competency that if roof has many leaks, is very old close to end of ec life, if most shingles cupped or damaged to call for a new roof, conversely if damage is limited to a small leak, or a section of shingles to call for repair. If borderline/unsure, make subject to repair or replacement per what a qualified inspection recommends.

 

[residentialguy]

Appraisers have a certain base competency that if roof has many leaks, is very old close to end of ec life, if most shingles cupped or damaged to call for a new roof

What if you were wrong, and they got a competent roof specialist and they showed that it could be repaired, so they fixed it .....now your opinion is overvalued on your report because reflects a house with a new roof

 

[J Grant]

What if you were wrong, and they got a competent roof specialist and they showed that it could be repaired, so they fixed it .....now your opinion is overvalued on your report because reflects a house with a new roof

If they got a competent roof specialist for repair, they can show the estimate and inspection to lender and lender can decide if repair is adequate rather than new, and address it with me at that time. It would change the value and then that would have to be part of the negotiation with lender and borrower. The borrower cant' have it both ways, a cheaper repair job and a higher value

That said, I only call for a new roof when the present roof shows severe aging/issues/repairs.

 

[residentialguy]

You made a bad call...you have to correct your appraisal.

How about that missing deck safety hazard situation above. How would you assume the HO corrects it?

 

[J Grant]

I don't assume how HO corrects it, I would specify replace deck, or install railings etc.

If I call for repair and a roofing contractor tells owner it needs a new roof, then appraisal would have to be re worked at that point ( or not qualify for loan if owner does not agree to put new roof on). As I said, in borderline cases I call for inspection. I would only call for repair if repairs are visible to a few sections. I put in language I am not a contractor, inspector etc.

 

[residentialguy]

I would specify replace deck, or install railings etc.

You don't have that right or power to tell how the HO should build his house. You have the right to report and require remedy of the problem.

 

[J Grant]

You don't have that right or power to tell how the HO should build his house. You have the right to report.

?? The lender gives me "the right", as part of assignment conditions for borrower to secure a loan at a certain $ amount , and or to fulfill FHA, Fannie/Freddie safety/security standards. The owner can refuse of course and their house not qualify for a loan.

It is part of appraiser's competency and client expectation to condition an appraisal on certain factors in certain circumstances . We are not monkey see monkey report, we report and anlayze affect on value, as well as whether what we saw per our observation can affect safety/security .

 

[residentialguy]

?? The lender gives me "the right", as part of assignment conditions for borrower to secure a loan, and to fulfill FHA, Fannie/Freddie safety/security standards. The owner can refuse of course and their house not qualify for a loan

No, they don't. They require you to report the problem and subject your appraisal to repair of the problem...not to tell them how they have to repair the problem.

 

[residentialguy]

I would specify replace deck

You'd make their client spend $5000 when they can remedy the problem for $1? You'd be so far off their panel.