Inspection Report Reviewed After the On Site Observation By the Appraiser

[Herb1848]

I did by on-site observation of a multi-family home for FNMA sale.. During my on-site observation, it was obvious the home was outdated (built in 1900), but no specific issue's were observed. All of the units were rented out, so my visual observation was based on what I could see. Following, I obtained the inspection report that was done on the home about two months prior. There were multiple issues listed by the home inspector that impact the safety, soundness, and/or structural integrity of the home.

Examples:
1. Major gap and deterioration to the brick wall along the right side of the structure. There is evidence that this area is allowing water to penetrate to the interior of the home. Possible hidden damages may and most likely existed.
2. There is structural damage and deterioration noted to the parapet wall areas at lower side walls/rubber roof.
3. There is deterioration and loss of foundation stone/displaced brick along the right side front foundation wall where the main water line enters. The area appears to be settled and compromised. Signs of ongoing water penetration are evident. Brick deterioration is evident above the stone foundation in sections along the right side of the basement.
4. moisture damages/deterioration noted to flooring at tub/shower areas; Flooring has settled/collapsed into basement areas and currently is subject to additional damages/settlement failure - these areas are considered to be a safety hazard.
5. Mold like substances throughout unit 17B bathroom and rear left bedroom closet areas and mold like substance throughout unit 15B bathroom area.
6. Unit 17A is a 30AMP panel box, which is undersized for the unit/apartment and may allow for potential/future concerns/issues.

This is just some of the items that were stated in the report. The inspector called for an inspection by a licensed professional for each of those items among other things. This is my first time coming across this issue, and I may be overthinking it a bit.

Based on the above information, would you make this "subject to" and inspection and/or repairs in order to meet FNMA safety, soundness, and structural integrity requirements? Additionally, would including a statement that the inspections/repair requirements were not directly observed by the appraiser, but based on the review of the inspection report obtained by the appraiser suffice?

All of the comparables are similar in age and overall condition, but I can't confirm if they all share similar issues.

Again, I may be overthinking but wanted some reassurance they this is the right approach.

Thanks!

 

[J Grant]

I did by on-site observation of a multi-family home for FNMA sale.. During my on-site observation, it was obvious the home was outdated (built in 1900), but no specific issue's were observed. All of the units were rented out, so my visual observation was based on what I could see. Following, I obtained the inspection report that was done on the home about two months prior. There were multiple issues listed by the home inspector that impact the safety, soundness, and/or structural integrity of the home.

Was this supposed to be a full interior inspection or an exterior drive-by? WRT : All of the units were rented out, so my visual observation was based on what I could see.

Either way, you were provided with an inspection report disclosing health or soundness issues, so yes, if they impact safety/soundness make the report subject to inspection and repair, and quote thei inspection report as your source (or even attach it if you have client permission for it)

 

[Herb1848]

I did by on-site observation of a multi-family home for FNMA sale.. During my on-site observation, it was obvious the home was outdated (built in 1900), but no specific issue's were observed. All of the units were rented out, so my visual observation was based on what I could see. Following, I obtained the inspection report that was done on the home about two months prior. There were multiple issues listed by the home inspector that impact the safety, soundness, and/or structural integrity of the home.

Was this supposed to be a full interior inspection or an exterior drive-by? WRT : All of the units were rented out, so my visual observation was based on what I could see.

Either way, you were provided with an inspection report disclosing health or soundness issues, so yes, if they impact safety/soundness make the report subject to inspection and repair, and quote thei inspection report as your source (or even attach it if you have client permission for it)

It was an interior/exterior. The inspection report was provided with the listing information by the agent and not my client.

 

[BRCJR]

deleted as not relevant based on post 6

 

[Zoe]

Ask to revise the report using the inspection report.

 

[Herb1848]

Interior/Exterior without an Interior inspection/viewing.

Should one not require the Interior part of the Scope of Work before doing much of anything?

Small Residential Income Property Appraisal Report (Form 1025)

For traditional appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

I completed and interior and exterior inspection, but the units were fully furnished and the items noted in the inspection report were not directly observed/pinpointed by the appraiser due to the furnishings. The inspection report was not seen until after the on site inspection was done.

 

[BRCJR]

I completed and interior and exterior inspection, but the units were fully furnished and the items noted in the inspection report were not directly observed/pinpointed by the appraiser due to the furnishings. The inspection report was not seen until after the on site inspection was done.

I must have misunderstood this statement: "All of the units were rented out, so my visual observation was based on what I could see."

 

[J Grant]

It was an interior/exterior. The inspection report was provided with the listing information by the agent and not my client.

Well, you still have the information and I believe the URAR certs even address once information is learned it can not be unlearned.

Don't attach it since it was not provided by your client but now you have the information, so how could you ignore it ? The inspection came in after your site visit but you are still working on the appraisal correct?

"The appraiser was provided with a home inspection report indicating mold etc (list the scary health and safety conditions). Therefore the report is made subject to repair for these health or safety items. "

Imo, no need to talk about furniture blocking etc. We are not inspectors and not expected to move furniture around to see what is behind it. And regardless, an inspector uses equipment such as a mold detector that we don't have.s

 

[J Grant]

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal.

Cert 5 limiting conditions on the URAR form that we use.

 

[Dublin ohio]

I obtained the inspection report that was done on the home about two months prior.

Not sure if I would completely rely on a 2 month old inspection. Some of the items listed could be worse by now. Kind of interested on how something like this could be missed by appraiser

3. There is deterioration and loss of foundation stone/displaced brick along the right side front foundation wall where the main water line enters. The area appears to be settled and compromised. Signs of ongoing water penetration are evident. Brick deterioration is evident above the stone foundation in sections along the right side of the basement.
4. moisture damages/deterioration noted to flooring at tub/shower areas; Flooring has settled/collapsed into basement areas and currently is subject to additional damages/settlement failure - these areas are considered to be a safety hazard.
5. Mold like substances throughout unit 17B bathroom and rear left bedroom closet areas and mold like substance throughout unit 15B bathroom area.
6. Unit 17A is a 30AMP panel box, which is undersized for the unit/apartment and may allow for potential/future concerns/issues.