Soffit & Facia falling off the house

[Tim Schneider]

This is for a refi on the new 1004. There is a section of saoofit and facia falling off the roof, as shown in the attached pic. Rough estimate I got from a contactor to fix (assuming no hidden damage) is $2,000. Also, most walls in the house have been drawn on with markers. Estimate to repaint interior is $2,500. I am thinking about making a condition adjustment of $4,500 (vs. average homes) to cover the estimated cost to cure. What are your thoughts?

 

[Mike Kennedy]

What are your thoughts?

if only THAT section needs repair......personally, I'd get at least 4 estimates......

interior painting 200-300 per room sounds bout right.

 

[Dennis J. Black ASA IFAS]

If that is the only section $2000 to repair soffit and fascia seems a little steep. I have a pretty good understanding of these costs as I live at ground zero of Hurricane Charlie (cat 4) Augusty 13, 2004.

 

[Ted Martin]

Wow, I think I've found a new trade to move into. It appears to pay much better than appraisal. I bet you aren't getting two grand for the appraisal.

 

[JT1974]

This is for a refi on the new 1004. There is a section of saoofit and facia falling off the roof, as shown in the attached pic. Rough estimate I got from a contactor to fix (assuming no hidden damage) is $2,000. Also, most walls in the house have been drawn on with markers. Estimate to repaint interior is $2,500. I am thinking about making a condition adjustment of $4,500 (vs. average homes) to cover the estimated cost to cure. What are your thoughts?

Tim,

If you were looking at two identical homes and one had estimated repairs of $4,500 and one that needed no repairs would you discount the broken down house only $4,500? I doubt it. Look at it from a potential buyers point of view. What's the incentive (i.e. profit) for a buyer to purchase the broken down house? What return are they getting for their time, effort and risk of repairing the defects? Therein lies your answer. May the force be with you young Jedi appraiser. :new_borgsmile:

 

[Mr Rex]

Looks like about $500, using a contractor with Workers Comp and a big old Diesel Pick up with a ladder rack. Stop by the Home Depot and pick up the materials and labor, $100 x 2 workers x 1 day + $100 materials= $300

 

[Tim Schneider]

Unfortunatley, (fortunatly for those in the contracting business), we do not have the ablity to swing by the home depot and pick up labor in this area.

 

[JT1974]

Unfortunatley, (fortunatly for those in the contracting business), we do not have the ablity to swing by the home depot and pick up labor in this area.

Yeah, all the illegals are too busy working on our local dairy farms for slave wages.

 

[Mike Boyd]

Unfortunatley, (fortunatly for those in the contracting business), we do not have the ablity to swing by the home depot and pick up labor in this area.

I believe he was just illustrating a more realistic cost of making the repairs.

Cost to cure could be as high as $1,000 as we cannot see what damage there might be to the soffit. Anyway, my rule of thumb is to take the cost to cure and multiply by two to get market reaction.

As far as painting the interior walls, that is cosmetic. I would mention it, make a condition adjustment and let it go.

 

[Webbed Feet]

Mr. Schneider,

That photo looks like dryrot in the underlayment of the roofing... Sir, it is structural! Water is a manmade improvements worst enemy (ok, behind running lava and tornados of cat 5-300) ...

That roofing would go out under CB3 in my book of how the world works. No estimate of the costs needed. Required repair. That is not market acceptable in my neck of the woods.

Webbed.