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Foundation Estimate

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Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Classification needed... subject is refi with foundation estimate. Does the estimate amount get applied as a negative across the board on all comps in condition? Provided all the comps are similar otherwise with minor adjustments. i.e, garage, etc.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
subject is refi with foundation estimate.

What? lol

Do you mean the structure doesn't have an acceptable foundation and that your assignment is to value it subject to an HC that a new foundation system has been installed? Or an as is value based on something wrong with the existing foundation and developing an opinion of market reaction?
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
As is value based on something wrong with the existing foundation and developing an opinion of market reaction?
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Sorry not classification.... Clarification
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Subject to.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Unless you can find another comparable with a similar foundation issue, it would seem to me that will be an across-the-board adjustment.

Depending on the cost of the repair/scope of the project, the market reaction to that condition could be significantly higher than the estimated cost.

Who is client-type and what is the intended use of the assignment?
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Refi/conventional and the cost runs about 4% to 6 % adjustment. And, no comps with same issue , of course. Lots with foundation work completed. I have calls into a few Realtors on market reaction. Waiting to hear back from them.
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
As is, not subject to. Should I go subject to? I thought this would be as is. Homeowner refinancing to do repair.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Refi/conventional and the cost runs about 4% to 6 % adjustment. And, no comps with same issue , of course. Lots with foundation work completed. I have calls into a few Realtors on market reaction. Waiting to hear back from them.
Sounds like checking "yes" to this question in the form would be appropriate:
upload_2017-5-18_10-32-47.png

Good luck!
 
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