• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Property condition

Status
Not open for further replies.

DeKay Bayliffe

Sophomore Member
Joined
Oct 16, 2006
Professional Status
Certified Residential Appraiser
State
Alaska
I'm going on my 13th consecutive hour of working today, so please don't throw hand grenades if you think this is a stupid question:

Doing an FHA appraisal on a property with a ton of deferred maitenance and some major flaws. (no septic-uses incinerator toilet, no ceiling in bedroom-open to attic, etc...). Question is, I know the condition of the property as of the effective date is poor, but do I call it average considering the requirements that will be made in the appraisal and the hypothetical condition that after the requirements are completed it will be average?

I have never appraised a home for FHA before that has been so neglected. I spoke to the underwriter and they are aware of everything.:new_puppy_dog_eyes:
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Is it really in poor condition, or just unfinished? Sounds like functional problems more than fair condition. A house can have concrete or plywood floors that are in good condition, but do not conform to what the market considers to be standard and / or marketable. Your open ceiling does not make it in fair condition, it makes it unfinished. The incinerating toilets is not a condition issue, it is an acceptability issue. I would talk to the HOC and see how they would reccomend you handle it (as is / subject to).
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Tom is right about condition.

The answer is yes to your specific question about how the condition rating is affected by the hypothetically completed repairs.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Tom and Marcia are correct....except, possibly, the toilet issue. I think that type of equipment is supposed to have an official approval by FHA. But, as Tom says, check with your HOC. You might have to provide them with some serial numbers or ICBO numbers......something to identify that type of equipment.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks