ii. As-Is Condition and Cosmetic Repairs
The Appraiser may complete an as-is appraisal for existing Properties when minor
property deficiencies, which generally result from deferred maintenance and normal wear
and tear, do not affect the health and safety of the occupants or the security and
soundness of the Property. Cosmetic or minor repairs are not required, but the Appraiser
must report and consider them in the overall condition when rating and valuing the
Property. Cosmetic repairs include missing handrails that do not pose a threat to safety,
holes in window screens, cracked window glass, defective interior paint surfaces in
housing constructed after 1978, minor plumbing leaks that do not cause damage (such as
a dripping faucet), and other inoperable or damaged components that in the Appraiser’s
professional judgment do not pose a health and safety issue to the occupants of the house.