Subject To Completion - Appraisal Question

[bnmappraisal]

I think it should be 4/2.1(future), subject to completion per plan

Yup! You are pretending that the renovations are complete and comparing the subject property to other completed comparables.

I have a similar - older dwelling (1950's) with the 2nd bath not functional. Lender (direct lender) requesting report SUBJ TO repairs being made/completed (2nd SUBJ TO box on 1004 form) So now subject is a 2 bathroom dwelling, even though the 2nd bath "AS IS" is not functional

 

[Dublin ohio]

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?

Could also possibly be subject to repairs or alterations. You have an existing structure that is being altered. Now if an addition is being added. I would tend to go with completion per plans and specs. But in reality. I do not think you could be wrong using either one.