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How Does Needed Repair Affect Appraisal?

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Mac2689

Freshman Member
Joined
Apr 10, 2017
Professional Status
General Public
State
Colorado
We own a manufactured/modular 2100 sq foot on perm foundation with cinder block crawl space. We are refinancing. In prepping, we discovered a small area of weather damage to the trim board on the bottom of the home where house rests on sill plating and block on one side. We have pulled the section so it is exposed. In looking at the rest of the home, we will replace all the trim and add z-bar.

Question: Will this needed repair affect the rating and appraisal and if so by how much? We have contracted a carpenter but it will be 10 days before he can get to it and 11-12 before completed. Should we delay the appraisal until repairs are completed or can we repair with a temp trim and explain to the appraiser?
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Ask the lender if it can be appraised "subject to" the repair. Or "as is" with a cost to cure estimate.
It sounds like it has no bearing on the structural integrity (sill plate is not rotten).
I think I understand what you are illustrating but, a picture is worth a thousand words.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Save yourself a re-inspection fee. Fix it first.
 

Mac2689

Freshman Member
Joined
Apr 10, 2017
Professional Status
General Public
State
Colorado
Thank you all, fixing first. Contract in place, delaying appraisal for 10 days. Hope we have enough time. Thanks again, your resp[oonses and time are appreciated!
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Question: Will this needed repair affect the rating and appraisal and if so by how much? We have contracted a carpenter but it will be 10 days before he can get to it and 11-12 before completed. Should we delay the appraisal until repairs are completed or can we repair with a temp trim and explain to the appraiser?
Always best to have everything "fixed" before an appraiser comes to your place (this is true for stick built or manufactured/mod)
We have to report what we see/observe "at time of inspection"
So it's always best to have the property with no need of repair. Some lenders may be ok with a "cost to cure" but many may require a re-inspect, which would then (most likely) incur an added fee.
Best of luck to you
 
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