Wyoming
Sophomore Member
- Joined
- Jun 10, 2006
- Professional Status
- Certified Residential Appraiser
- State
- Wyoming
Lender is doing FHA Reverse Mortgage on 100+ year old home that is mostly paid off. The roof has a minor leak and the lender wants me to do "as-is" and then include a cost to cure.
Looking at the HUD Appendix D, it reads "Attic – Enter the attic and observe the interior roofing for insulation, deficient materials, leaks or readily observable evidence of significant water damage, structural problems, previous fire damage, FRT sheathing, exposed and frayed wiring and adequate ventilation by vent, fan or window. If any of these deficiencies exist, condition the appraisal on their repair and prepare the appraisal “subject to repairs” and/or “subject to inspection”.
So... Can I do it "as-is" as requested or do I have to do it "subject to repairs"?
I know the answer seems obvious but I don't want to PO my only client this week.
Thank you for any help you can give me relating to this question.
Looking at the HUD Appendix D, it reads "Attic – Enter the attic and observe the interior roofing for insulation, deficient materials, leaks or readily observable evidence of significant water damage, structural problems, previous fire damage, FRT sheathing, exposed and frayed wiring and adequate ventilation by vent, fan or window. If any of these deficiencies exist, condition the appraisal on their repair and prepare the appraisal “subject to repairs” and/or “subject to inspection”.
So... Can I do it "as-is" as requested or do I have to do it "subject to repairs"?
I know the answer seems obvious but I don't want to PO my only client this week.
Thank you for any help you can give me relating to this question.