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Partial Siding Missing

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Margaret Treat

Thread Starter
Sophomore Member
Joined
Jan 25, 2007
Professional Status
Certified Residential Appraiser
State
Oregon
Hello All,
I just inspected a home that was built in 1950 and has been updated by the current owner. It's a refinance and needs to meet Fannie Mae Guidelines.

The problem is with the rehab work. The owner has the siding off the front and back of the garage. He has the siding on site but because of the weather hasn't installed it yet. Now Tyvex (sp?) is covering the area.

The owner has updated electric, plumbing, most of the inside all with permits and all in a workman like manner. I have no doubt the siding sitting at the house will be installed.

I have researched the Fannie Mae site and this one but am not clear because approx. 90% of the home is fine it's not as extreme as some of the issues discussed.

Is an as-is with a cost to cure sufficient? Because it can damage the structure should it be subject to? Thanks for any Help! Margaret
 

Tim Schneider

Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Is the garage attached? Does the missing siding affect the home, or just the garage? If all that needs to be done is having the siding installed, how much are we really talking about? Less than $500 to complete I would guess. So the question is, what would the market say about having to complete the work? I would seek to answer that and make an adjustment based on that number.
 

Kimberly Korbe

Junior Member
Joined
Mar 22, 2006
Professional Status
Certified Residential Appraiser
State
Oregon
Hey Margaret,
I just had the exact same situation. The siding was even sitting there ready to go. It was only a 5' X 8' area unfinished and I reported cost to cure and the loan was approved.

Talk to you soon,
Kim
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Are there any conditions which would adversely affect the livability, soudness or structural integrity?

I would say "yes" because lack of siding exposes the framing to the elements.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Are there any conditions which would adversely affect the livability, soudness or structural integrity?

I would say "yes" because lack of siding exposes the framing to the elements.


agreeded. If it has been exposed all weather you might have some problems that you are not seeing.
 
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Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Ms. Treat,

XI, 202: Status of Construction

Sixth paragraph down starting with "For existing construction, .....

Right out of Fannie's handbook to appraisers. If you don't have one, why not?

I'll make this short. Siding is structural. Is that improvement weather tight and protected from water damage or not? Is Tyvek a permanent siding type? Does entire walls of missing siding affect the soundness or structural integrity of the improvements? If this were new construction would you "cost to cure" it or require it completed? Does missing siding sound like a "minor condition" to you? Does it RAIN in Oregon? Does the wind blow here? Is water, next to things like tornadoes, about the number one enemy of residential improvements made out of wood?

Webbed.

P.S. Tomorrow stay tuned as our next appraisal expert asks us, "Hey gang! I just got back from a house that is missing a third or so of it's roofing. But the owner has the tar paper up and the new roofing is in the garage..But the owner just hates using a hammer if it's cold out! Those metal hammer handles hurt his hands if they are cold. Oh boo hoo hoo! That poor owner! ... . I was wondering if any of you would just cost to cure this and suck up to your client instead of requiring the roofing get put on?"
 
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Margaret Treat

Thread Starter
Sophomore Member
Joined
Jan 25, 2007
Professional Status
Certified Residential Appraiser
State
Oregon
Hello All,
Thanks for the help! Yes Webbed, I did try to find it in the Fannie Mae Allregs. My concern was that there was a small portion left to complete and it was on site. You are all right it rains here and that could cause structural issues if left uncovered for any length of time.

Kim I can't believe you had one like that last week. Maybe he was thinking the same thing as my guy.

Thanks again for all your help! Margaret
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Right out of Fannie's handbook to appraisers. If you don't have one, why not?

B-

I had heard Fannie was going to stop publishing the handbook. Last one I received was 3-years ago?

(anyone know for sure?)
 
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