Help with wording please and thank you

[Carol Gist]

With people yelling about appraisers being biased, I want to word this PC. If a house reeks of 70 years of cigarette smoke and the walls and ceiling are ALL stained with nicotine/yellow stains, how is there a good way to word it, since the lender can't actually smell the house? I do have many pics. Its grandma selling to grandson, after she did a reverse mortgage years back and now it is going into foreclosure. House was discusting! Thank in advance

 

[Elliott]

C5.....'strong smoke smell'

 

[RSW]

The dwelling suffers from extensive deferred maintenance.

 

[Terrel L. Shields]

Another lovely reverse mortgage - I've not seen many that were not trashed and worth less than the RM taken

 

[Carol Gist]

Thanks all. This is the second one I have done in 2 months, that home is garbage and going into foreclosure.

 

[KHS445]

Don’t be surprised if the lender doesn’t come back requesting a cost to cure. Be honest in what you write and just state the facts. Home has a strong cigarette/stale smoke smell throughout the structure. Show pictures of the stained walls and ceiling. State the extent of absorption is unknown and thus the cost of remediation is unknown. There are very few people who would purchase a home with heavy cigarette smoke smell.

i know it is not apples to apples, but you could talk with someone who sells used cars and see if they can give you a discount factor for a car with a stale smoke smell and also maybe a percentage of the buyers who are willing to even consider purchasing such a car.

Also keep in mind, even though the current buyer is family you are doing a market value appraisal for the lender.

 

[Carol Gist]

Don’t be surprised if the lender doesn’t come back requesting a cost to cure. Be honest in what you write and just state the facts. Home has a strong cigarette/stale smoke smell throughout the structure. Show pictures of the stained walls and ceiling. State the extent of absorption is unknown and thus the cost of remediation is unknown. There are very few people who would purchase a home with heavy cigarette smoke smell.

i know it is not apples to apples, but you could talk with someone who sells used cars and see if they can give you a discount factor for a car with a stale smoke smell and also maybe a percentage of the buyers who are willing to even consider purchasing such a car.

Also keep in mind, even though the current buyer is family you are doing a market value appraisal for the lender.

Thank you. Yes, I made sure to state heavy smoke odor from the owners of 74 years and nicotine stains on all walls and ceilings. This is in Portland, Oregon and in this area, a developer would buy and tear it down, because that is what happens to most very dated homes.

 

[Zoe]

yeah, don't play around with it to the seller or buyer. Be frank and make an adjustment on cost to cure. You did pretty good in the original post.

 

[Zoe]

You could do it "subject to" also and let them worry about it. Due to health hazard. You could get estimates from contractors, but it may be safer just to do it "subject to".

 

[Sandra Koutsopoulos]

Stigmatized house; granny smoked herself to death. Smoke is living in the walls, waiting for the next victim.