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Exposed Wood On Siding

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bororke

Freshman Member
Joined
Jun 14, 2013
Professional Status
General Public
State
Florida
I am an UW and have a question in regards to deferred maintenance in regards to the siding of the home. The siding is damaged and there is exposed wood on the siding. The appraiser reports it and sows photos of the damage but puts the report in "as is" status.

Should the report have been "subject to" for the exposed wood. It does appear to be minor in nature but I was wondering if any exposed wood should be addressed. This is a FNMA loan.

FNMA guidelines are as follows:

Requirements for Existing Construction When There are Minor Conditions or Deferred Maintenance Items that Do Not Affect the Safety, Soundness, or Structural Integrity of the Property

If the appraiser reports the existence of minor conditions or deferred maintenance items that do not affect the safety, soundness, or structural integrity of the property, the appraiser may complete the appraisal “as is” and these items must be reflected in the appraiser’s opinion of value. Minor conditions and deferred maintenance items include, but are not limited to, worn floor finishes or carpet, minor plumbing leaks, holes in window screens, or cracked window glass and are typically due to normal wear and tear. The lender is not required to ensure that the borrower has had this work completed prior to delivery of the loan to Fannie Mae. If there are minor conditions or deferred maintenance items to be remedied or completed after closing, the lender may escrow for these items at its own discretion and still deliver the loan to Fannie Mae prior to the release of the escrow as long as the lender can ensure that these items do not affect the safety, soundness, or structural integrity of the property.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Minor Conditions or Deferred Maintenance Items that Do Not Affect the Safety, Soundness, or Structural Integrity of the Property

Exposed wood as in peeling paint or deterioration of wood does or will affect the structure eventually.
 
D

Deleted member 134708

Guest
I would personally appraise it as-is. As of 08/08/17 it wasn't a structural issue. As of 08/08/2025 it may be. I'm only giving value as 08/08/17.

I would have asked if you want it as-is or subject to. Either way doesn't matter to me. If you said up to me, I'd do as-is every single time.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
I am an UW and have a question in regards to deferred maintenance in regards to the siding of the home.
Should the report have been "subject to" for the exposed wood. It does appear to be minor in nature but I was wondering if any exposed wood should be addressed.

This is an underwriting issue and one would expect that an underwriter would know how to address underwriting issues!
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
What is the Service Engagement Letter for ? "As Is" ??
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
How much siding is bare? A spray can of Krylon will cover +/-10 sf.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
if cedar will last years
 

KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
Exposed wood as in peeling paint or deterioration of wood does or will affect the structure eventually.

and waves pounding a rock will erode it after hundreds of years. The amount and duration of neglect to actually effect a structure is huge and would be repaired long before then by any owner with common sense. We call out peeling, flaking paint for FHA but in most cases its an extremely minor issue.
 
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