Existing, proposed, or under construction.

[Mainely]

I am appraising an existing house, that will be expanded and renovated. The expansion/renovation has not begun. The appraisal will be done "subject to" completion. Which box in the Improvements section do I check: 1) Existing; 2) Proposed; or 3) Under Const.? The house does exist, but the appraisal is subject to the proposed renovation/expansion, so it appears that both apply, however, I obviously can't choose both. Thank you all for your help!

 

[The Warrior Monk]

I am appraising an existing house, that will be expanded and renovated. The expansion/renovation has not begun. The appraisal will be done "subject to" completion. Which box in the Improvements section do I check: 1) Existing; 2) Proposed; or 3) Under Const.? The house does exist, but the appraisal is subject to the proposed renovation/expansion, so it appears that both apply, however, I obviously can't choose both. Thank you all for your help!

Proposed.

The current home may exist, but the expanded and renovated home that is the subject of your appraisal does not currently exist.

 

[alebrewer]

However you do it, just be very clear in your commentary on why you chose the route you did.

 

[ramrcdk]

Since the report's "value" is based on : Proposed. Reconcile BOX: the same as well. As suggested: always BE SURE to explain, so as to NOT be misleading or confusing.
The Subject is an Existing Property with proposed additions which include: .......______________ & based upon the lender provided: service order, the plans & specifications, ____________ with the "day of inspection" Report "Subject-To" a Final Inspection reflected in the Reconciliation Section of the Report and the following Addendum Report commentary. Blaaa Blaaaa

(I try to "link" other applicable sections of the Report in commentary so they know "where to LOOK". )

 

[Terrel L. Shields]

Provide both an as is and as proposed value (just to be safe and CYA.)

 

[Tom D]

subject to the rehab/expansion noted in the report. i would say existing, the house is existing in it's current state. proposed would be typically for vacant ground. depending on the type of loan, or lender, i wouldn't do an existing value unless they asked for it. lenders that want both usually ask for them to be in a specific format/layout.
i bet your fee doesn't included the extra work for an as is value.

 

[J Grant]

Since the report's "value" is based on : Proposed. Reconcile BOX: the same as well. As suggested: always BE SURE to explain, so as to NOT be misleading or confusing.
The Subject is an Existing Property with proposed additions which include: .......______________ & based upon the lender provided: service order, the plans & specifications, ____________ with the "day of inspection" Report "Subject-To" a Final Inspection reflected in the Reconciliation Section of the Report and the following Addendum Report commentary. Blaaa Blaaaa

(I try to "link" other applicable sections of the Report in commentary so they know "where to LOOK". )

No, and Wrong, as was David W - We are not valuing proposed construction !!! We are valuing the existing house, made subject to the plan to expand /modify it with X .
The value is based on the existing house with a condition to be fulfilled subject to : the existing house subject to adding living area of X )

The existing, proposed or under construction is a general description category question on page one. What exists when you are at the site? What is in front of you? If a house is there, it is existing. If vacant lot of just a pad on a lot , it is proposed. If there is a partially finished house it is under construction .

The subject to is an assignment condition for the existing house.

 

[J Grant]

Proposed.

The current home may exist, but the expanded and renovated home that is the subject of your appraisal does not currently exist.

WRONG

The question is what exists when you are at the property on the effective date inspection. The house EXISTS. The appraisal made subject to completion of X, in this case an expansion and renovation, is an assignment condition for the valuation purposes subject to ah HC of X of the existing house.

 

[ramrcdk]

No, and Wrong, as was David W - We are not valuing proposed construction !!! We are valuing the existing house, made subject to the plan to expand /modify it with X .
The value is based on the existing house with a condition to be fulfilled subject to : the existing house subject to adding living area of X )

The existing, proposed or under construction is a general description category question on page one. What exists when you are at the site? What is in front of you? If a house is there, it is existing. If vacant lot of just a pad on a lot , it is proposed. If there is a partially finished house it is under construction .

The subject to is an assignment condition for the existing house.

THE current renovations are not happening ...proposed. When the renovations are "subject to an existing property" ANYWAY.... saying the same, I just attempted to expand-on that it could NOT BE "proposed". And even said so " existing house ". "subject to'.

 

[J Grant]

THE current renovations are not happening ...proposed. When the renovations are "subject to an existing property" ANYWAY saying the same, I just attempted to expand-on that it could NOT BE "proposed". But thanks.

The current renovates are proposed, but they are proposed to be added to an existing house- glad we ended up saying the same.