"Describe the condition of the property"

[Vermonter]

House built in 09 so the improvements are 1-5 years old......do you put updated or remodeled? I've been putting remodeled only because that would be most similar to new construction. A local appraiser said I should be putting "updated", another says "not updated" and just the year range the construction falls in.

UAD guidance is useless. Wondering what the forum says?

And why isn't there a "New" option?

 

[Lee Lansford]

Not updated from the original, thus, "not updated".

 

[Meandering]

Not updated.

Their computer can do the "new" calculations.

 

[Mr Rex]

Not updated, then narrative that says "House built in 2009, no updating needed."

 

[Noreen]

An underwriter corrected me, I was told to put in "not updated" then in the paragraph under the drop downs we are to put, " No updating needed as subject was new construction in "XXXX". So that's what I do.

 

[Mike Kennedy]

"not updated" w/supporting comment "No updating needed as subject was new construction in 2009, appears to be well-maintained in {pick one: Excellent, Very Good, Good} Condition."

 

[CANative]

UADNOOB here. Why does "not updated" need to be qualified on improvements built in 2009? Isn't this self-explanatory?

Or is there some sort of UAD-centric thing going on?

 

[incognito]

CAN, Noreen states

An underwriter corrected me,

. I never place myself in a position to be corrected by an underwriter. There is NO reason to qualify. Only an idiot (many underwriters) would think an explanation would be needed. However, a surprising number of houses newer than 5 years have updating and renovations. Perhaps a line or two would be helpful in those instances...

 

[Michigander]

I bought my house in 2006. It was built in 2001. Had to gut and remodel both kitchen and bath in 2008 due to some functional problems. So not a condition issue as much as functional but just because a house is nearly new doesn't mean it cannot be completely remodeled. BTW needed a new furnace in 2011 so it got only 10-years on the original. My 12-year old house is really more like 5-years old now. You can have remodeling on a newer house.

 

[RSW]

Not updated and then comment.