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Subject To Completion - Appraisal Question

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Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
I'm appraising a SFR new construction, and according to the sales agent the construction is near 90% complete. Do I need to select one of the following: 1) subject to following repairs, etc. , or 2) subject to following inspection, etc...in the past I have not been required to make a second choice. I've only selected: Subject to completion per plans, etc. What do you think?
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
I'm appraising a SFR new construction, and according to the sales agent the construction is near 90% complete. Do I need to select one of the following: 1) subject to following repairs, etc. , or 2) subject to following inspection, etc...in the past I have not been required to make a second choice. I've only selected: Subject to completion per plans, etc. What do you think?

Is your client aware of the present situation??...They may have something in the LOE for the appraisal....I would have a conversation with them about it....in my mind it would be Subject to completion per plans, etc
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
I already have selected subject to completion per plans, but I'm being asked the following: Please check appropriate box in the Reconciliation section indicating if appraisal is made 'Subject to Completion.' I don't think I understand the question.
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Am I to make a second selection...subject to the following repairs... or subject to the following required inspection...
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Am I to make a second selection
No. Just that first SUBJ TO box (plans & specs)

From what you describe, there are no repairs to be made and no inspections required

The house (new construct) just has to be finished "per plans & specs" - 1 box
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Thank you for that info. That was might thought as well. I think I will just return it with description of items not installed, flooring, door hardware etc. and if they come back and require me to make another selection....well, I'll deal with it at that time......thanks again.
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
Some want a comment in the field at the end of that section besides the one checkbox (the one you use for listing the repairs or where to find the repairs.. This makes some UAD checkers confused as it does many appraisers.
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Got it, thank you.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
Some want a comment in the field at the end of that section besides the one checkbox (the one you use for listing the repairs or where to find the repairs.. This makes some UAD checkers confused as it does many appraisers.

i have one client who does just that. despite the fact i check "subject to completion per plans and specs" i have to manually type that same line after in the comments section. never understood why but it's a long standing client so it gets done.
 

Alvin Rules

Freshman Member
Joined
May 18, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Another Subject to............. I have a SFR, +80yrs old, renovation that is under construction (found out about it when I arrived), approx. 80% complete. Still livable, and have residence. CAD shows 3/2 but now it has 4/1.1 and master bath plumbed in. The homeowner has blue prints for the floor plan, and a word documents (no letterhead) for specifics. Is that sufficient? And for reporting and comparing....is it a 4/2.1(future) or a 4/1.1(present)??? ...I'm spinning my wheels here...I think it should be 4/2.1(future), subject to completion per plans, etc....what do you think?
 
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