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Home settlement

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Lee SW IL

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Need help in explaining settlement of a home 100 yrs +, which the owner is trying to remodel.

So far I have. . .

Home is showing signs of structual settlement with sagging and unlevel floors.

Any cost to cure, could only be calculated by a licenced contractor after an inspection, which is suggested by the appraiser.


Any general comments about settlement are appreciated.

Thanks
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Lee:

Is the thing in NEED of structural repair, or is it's condition typical of other homes of similar vintage/condition?

If the market has no major prejudice, and there IS a market for similar homes with slightly unlevel floors etc, then you have no problem, explain and move on. Some pretty high dollar local homes in my market have slightly to very unlevel floors doorframes, etc, but the structure is overall pretty stable.

I always state that I am not an expert, mention the conditions observed, indicate that other homes sell in similar condition and tell the lender to get an inspection if they want one.

Good luck!
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Home is showing signs of structual settlement with sagging and unlevel floors.

Any cost to cure, could only be calculated by a licenced contractor after an inspection, which is suggested by the appraiser.
Only thing I see you "MIGHT" want to add is someting to the effect that this type of settlement is normal in a home of this age. I think you covered it well. You (we as appraisers) are not qualified to say much more.

Someone told me once to state what you see and nothing more. When you start to say more than the facts thats when you (we) open yourself up to saying to much.
 
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