So I inspect a POS home that looks like it's a mess of different design styles and materials through multiple "renovations and additions" by the home owner. This one is a real dog. The home owner is nice enough and trying to make due with what he has which isn't much. But, the home has me trying to weasel out of the appraisal anyway I can. I take lots of pictures especially of the missing exterior siding in a couple of places exposing insulation to the element, rotten wood, mildew, damaged ceiling to what looks like roof leaks etc, etc. In the rear of the home the owner has removed a portion of the exterior wall in preparation for building an addition. It looks like this addition is part of the "5 year plan" if you know what I mean. Drywall, plumbing and electrical are current part of the exterior of the home on that portion but, yet still under the roof.
I shoot an email off to my client with all the photos and even mentioning "Engineering inspection" hoping to God that they'll cancel the order. After three days I get a reply: "Go ahead with the appraisal but do it "As is" with cost to cure".
Now, I don't know about you but, when I inspect a home that has lots of problems I can't help but wonder what else is wrong that I can't see. And with a portion of the exterior wall missing I have no idea and don't even want to think about how that can affect the home. In a situation like this without making certain EA's about the condition generally, I want to do these types of appraisals "subject to". I think it should be subject to an inspection. How can an appraiser determine a cost to cure when he/she believes their may be other unknown issues? We all know the realities of the business and we all know that some things can't be known by the appraiser without the inclusion of expert help. I can do this appraisal "As is" even as poor a practice as I believe it to be. But, I have to caveat the appraisal with certain EA's. Hoping that the client doesn't want EA's I shoot another email "I can do that but I have to do EA's and you know FNMA doesn't want us to EA the appraisal. Is this acceptable?"
I'm currently waiting a reply, fingers crossed.
I shoot an email off to my client with all the photos and even mentioning "Engineering inspection" hoping to God that they'll cancel the order. After three days I get a reply: "Go ahead with the appraisal but do it "As is" with cost to cure".
Now, I don't know about you but, when I inspect a home that has lots of problems I can't help but wonder what else is wrong that I can't see. And with a portion of the exterior wall missing I have no idea and don't even want to think about how that can affect the home. In a situation like this without making certain EA's about the condition generally, I want to do these types of appraisals "subject to". I think it should be subject to an inspection. How can an appraiser determine a cost to cure when he/she believes their may be other unknown issues? We all know the realities of the business and we all know that some things can't be known by the appraiser without the inclusion of expert help. I can do this appraisal "As is" even as poor a practice as I believe it to be. But, I have to caveat the appraisal with certain EA's. Hoping that the client doesn't want EA's I shoot another email "I can do that but I have to do EA's and you know FNMA doesn't want us to EA the appraisal. Is this acceptable?"
I'm currently waiting a reply, fingers crossed.