FAIR condition

[DTB]

I think that comparing it to the neighborhood is a fair comparison. What features would a buyer expect to see? In some neighborhoods, formica counters, cheap carpet, vinyl flooring and low end appliances are standard. In others, granite counters, SS appliances, high end tile floors and radiant heating are standard features.

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That appears to be confusing condition quality with condition. A new kitchen is a new kitchen, regardless of the materials used. The materials may be inappropriate for the market, however that does not refelect upon its condition.

 

[Bill_FL]

Mike G., condition would be an element of comparison. Don't think I have ever seen anyone use it as a unit of comparison.

Quality of construction and condition are not relative to location or neighborhood, but are property specific. What someone might call "average" quality for say McMansions, might be "very Good" quality somewhere else? That is why we use certain standards, like M & S to define a quality rating. That way very good is very good no matter what your location is. This would be for both quality and condition.

 

[Janet LePage]

You have to look at homes from the perspective of the typical purchaser...you know the 3 typical, knowledgable buyers you are pretending to be.... when determining condition. A typical buyer for a small starter home is going to have different expectations than a buyer for a much larger, more expensive home. Dated carpeting, not so great interior paint, a bathroom with poorly applied caulking are what these purchasers are expecting. Cosmetic items rarely send a home into fair condition. Now if a home has a roof that is curled, obvious water damage and deteriation around the toilet, in the attic, soffitting, etc. , broken windows, badly peeling/checking paint, etc. (things that are going to effect the structural integrity of the home), then you need to consider the lower condition ratings. In my world fair and poor are reserved for homes that are way below the typical purchaser's expectations....fair and poor are often REO properties, "Fixers", etc.