- Joined
- Jan 15, 2002
- Professional Status
- General Public
- State
- Oregon
I need a little help in understanding this concept (yes, I've read the manual).
I do quite a few FHA REO appraisals and they always want an "as is" value for marketing the property. But, some of these homes include significant health & safety issues. As an example, one that I inspected today had part of its roof blown off several months ago. The rain (this is Oregon) soaked the interior over the past several months and now most of the bedroom ceilings are lying in a soggy heap on the floor.
SO, when I estimate its "as is" value, do I have to include/recognize the costs required repair the roof, fix the ceilings and base the "as is" value as though free and clear of all health and safety discrepencies? I'm getting a little confused on the definition of "as is" - does it really mean "as is" or "as is less the impact all health & safety descripencies"
I'm starting to feel like ole' Bill when I ask what your definition of "is" "is".
Thanx, Oregon Doug
I do quite a few FHA REO appraisals and they always want an "as is" value for marketing the property. But, some of these homes include significant health & safety issues. As an example, one that I inspected today had part of its roof blown off several months ago. The rain (this is Oregon) soaked the interior over the past several months and now most of the bedroom ceilings are lying in a soggy heap on the floor.
SO, when I estimate its "as is" value, do I have to include/recognize the costs required repair the roof, fix the ceilings and base the "as is" value as though free and clear of all health and safety discrepencies? I'm getting a little confused on the definition of "as is" - does it really mean "as is" or "as is less the impact all health & safety descripencies"
I'm starting to feel like ole' Bill when I ask what your definition of "is" "is".
Thanx, Oregon Doug