Rating a property in "fair' condition.

[RustNeverSleeps]

No, no, no,no, NO.

lol

You're describing market reaction to the condition rather than the actual property condition based on objective observations.

Greg is right. you are confusing average with typical

for example if your subj is fair condition and all homes in your hood are fair, then the condition is typical not average

 

[AnonApprsr]

I've never used poor in my life. My mentor, God Bless him, said that isn't an appraisal word, unless you're talking about the appraiser!

I agree.

Here's my ratings from least to most awesome.

Fair, Average/Fair, Average, Average/Good, Good, Good/Superior


Fair probably is close to poor for me. But I wouldn't use the word poor. If it wasn't marketable, than I would do a Subject-To appraisal for lending purposes. Of course, all my experience is mostly from lending work....

 

[Mike Garrett RAA]

Typical is not an acceptable condition rating for Fannie Mae, FHA, or VA. Fair condition is acceptable to all of the above...tell the underwriter to read the manual.

If a property is in poor condition say so. To do otherwise is misleading.

I push the envelope with my condition ratings by adding two.

Good
Above Average
Average
Below Average
Fair
Poor

and my favorite...POS!

 

[Thomas N. Morgan]

The FAnnie Mae definition of "Fair" runs contrary to the ordinary use of the word in English. In ordinary usage, the word "fair" carries with it a favorable connotation.

This is not the only case where a word in the English lanquage takes on a different meaning when used in appraising.

 

[Peter LeQuire]

Average condition: Some evidence of deferred maintenance and normal obsolescence with age in that a few minor repairs are needed along with some refinishing. But with all major components still functional and contributing toward an extended life expectancy, effective age and utility is standard for like properties of its class and usage

No wonder there isn't agreement on this. Even this "objective" description of average condition has a less than universal, and limiting, component.

 

[vision]

Try Below-Average (Below-Avg)

Same condition as OP's subject.
I typed in Below Avg....Supevisor changed to Fair.
Cost to cure was more than what the subject was worth.

 

[CANative]

The M&S condition descriptions are contained in the depreciation section of the manual and are used in determining effective age for the simple-simon modified age-life method of estimating depreciation.

 

[RustNeverSleeps]

Typical is not an acceptable condition rating for Fannie Mae, FHA, or VA.....

Not sure if this in reference to my post but just in case, to clarify...state the property is fair condition or whatever. If this is typical for the neighborhood, then say so in the narrative

 

[Thomas N. Morgan]

Good, Average, Fair and Poor are not in the same continuum They are in the quality continuum. Good, Fair and Poor are not used to describe the amount or degree of anything. They are absolutes . Average is not in that same continuum. It is in the continuum: Below Average; Average; Above Average These terms are used to describe the degree of central tendancy.

No wonder we have trouble with these terms.

 

[residentialguy]

Another thread arguing condition.

Typical :new_all_coholic: