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Exterior and Interior Condition (Lender Well Fargo)

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Brian Adams

Thread Starter
Freshman Member
Joined
Mar 11, 2006
Professional Status
Licensed Appraiser
State
California
Hi,
I have been getting an appraisal back from Wells Fargo. They want to know the condition house exterior and interior in the "IMPROVEMENT" section of the form 1004. Problem is I have included this information, but they are still sending stuff back to me and asking me to put the condition for the interior and exterior. I have included all needed repair info and any other issues. Any advice what more stuff I can include in there to satisfy their desire for this interior and exterior conditon.

Thanks

My comment were "The interior and exterior of the house is an average condition"
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
SUGGEST verifying the Condition rating on page 1 does not state "see comments" but contains "Average" ??

If it already does - suggest referring the requestor to look at the correct line on page one.

If the line contains addtl verbiage - their auto-review will kick it out
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
They may be looking for responses to each item on Page 1 in the improvement section with all the boxes

Foundation: Concrete/Avg
Exterior Walls: T-1-11/Avg
Roof Surface: Comp shingle/Avg

Floors: Carpet/Vinyl/Avg

Etc., etc.

Also, you could have done a better job in describing the subject's improvements than the minimal statement you provided. How hard is it to write a few sentences with more detail?

Cookie cutter comments (minimum):
Single level residence of average to good quality construction, finishes and appointments. Wood frame construction over crawlspace, T-1-11 (plywood) siding, comp shingle roofing and aluminum frame dual pane windows. Typical to this neighborhood. Roofing is newer and of good quality, exterior siding in good condition. Newer wood slider doors off rear decking, updated kitchen with granite counters and average quality appliances. New or newer Brazilian hardwood flooring. Bathrooms have not been updated but are in good condition. Updating and maintenance have reduced effective age and extended REL.
 
Last edited:

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
My comment were "The interior and exterior of the house is an average condition"
That's a nice statement. You could summarize or describe the condition. Please let me know that you understand these key words.
 

Brian Adams

Thread Starter
Freshman Member
Joined
Mar 11, 2006
Professional Status
Licensed Appraiser
State
California
Thanks to all for quick reply. What they were looking for is what Greg said in first part of his reply. Once that was done they were satisfied. I did write all the stuff which Greg mentioned in latter part of his reply. I have always described the long version description of the property in addendum section, but 9/10 times no lender even bothers to read those. Same in this case the description was in comment addendum section, but lender wanted something on page 1 of URAR.

ONCE AGAIN THANKS TO THE GROUP
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Which brings up a good point...Should an appraiser re-state what is on the form in the addenda? Consider the intended user/intended use, the form was designed by the end user, Fannie Mae. My contention is that it should be sufficient to stand alone for their INTENDED USE. There are 5 lines on page one for describing the condition, in addition there are 39 lines on page 3 for additional comments. I think that should be sufficient, in most cases, to include what is necessary on the form rather than adding several pages of addenda that basically just repeats what you have already said.

Others believe "more is better" and attempt to write a self-contained appraisal report (narrative) for every residential assignment. While I will agree these trying times might require extra effort, fully understanding the appraisal process, the Scope of Work, and reporting requirements should dictate our work product.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
This is one of those things that I'm sure some upper level mgr came up with as a cure-all and it has been passed down the line to the UW where it now has the force of being the 11th Commandment.

I personally think that stating in the area calling for describing the condition of the subject should be sufficient to tell the subjects condition. However, the edict says that each item will have the material described as well as the condition.

So just suck it up, put it in as they want it and get on with life. You are not going to convert anyone by objecting. Trust me.
 

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