UAD Quality Rating and Historic Home

[Pam Wyant]

throughout the interior and exterior

The kicker is the language; THROUGHOUT the interior and exterior. Skipping the kitchen and baths does not meet the standard of Q2 THROUGHOUT the interior . Then it specified interior and exterior...so a plainer, avg construction exterior finished with detailed/costly interior does not meet that exterior and interior both be Q2 ( to qualify for the rating)

And neither does it exactly fit the definition of Q3, Q4, Q5, or Q6. But we have to choose one if it's a UAD report. Yes, JTip, I think we are in big CU trouble. Just on this one house that only the OP has seen, we have an opinion from Q1 to Q4!

 

[Pam Wyant]

Anyone want to give an opinion on the Q rating for this one? Kitchen and baths are pretty dated, not at all up to modern standards.

 

[Amy Perkins]

I might adjust pretty high for design if there is a market for that. I also would put it at the highest Quality level I thought it could be and then adjust it for the condition that it is in. I tend to look at quality of construction and consider that primary in my quality adjustments. Some appraisers might adjust for the condition in the quality section stating that a stone countertop makes it better quality. However, I look at the overall construction, beams, ceiling height, and ornamentation. The Fannie Mae descriptions of the quality include things like updating or the quality of a remodel. I don't think you will find anything else that old, but you might find something with that level of ornamentation and quality that is older. I did a very fancy victorian and rated it as "excellent" I guess it would be a Q2. The large mansions/castle looking estates are rated Q1. They are still considered higher quality to me and are state of the art. How big is it? I think I might need a picture to rate it.

 

[Tim The Enchanter]

I envisioning a Q1 castle that's 300+ years old. Condition is def maint C5 or C6, would you still call it Q1?
For a property like this, or remotely like this, the Q1-Q6 and C1-C6 ratings are a lot of B1-S6, imho.

Fannie and Freddie don't want it anyway, so cut the baloney.

 

[Amy Perkins]

I have appraised Q1 properties and several of them. They are large estates usually and have it all, like lifestyles of the rich and famous; the last one cost four million dollars to build without the land. The span in the foyer and living room is usually spectacular and these homes usually have land, a view of the ocean, tennis court, guest house, study or library and pool. You would need a maid to clean it, because it would be a full time job. Most of the custom homes are Q2, with some in very, very high-end developments. The Q3 home is typically better quality construction, sometimes has a tile roof or hardwood flooring and plaster if older. The Q4 is your cheaper construction, smaller 2X4's are used in construction, usually slab foundation if older. Some Q4's get remodeled to the teeth and become Q3's around here. I don't usually see much below a Q4.

 

[Tim The Enchanter]

Q1 properties- They are large estates usually and have it all, like lifestyles of the rich and famous; might cost four million dollars to build without the land. The span in the foyer and living room is usually spectacular and these homes usually have land, a view of the ocean, tennis court, guest house, study or library and pool. You would need a maid to clean it, because it would be a full time job. Most of the custom homes are Q2, with some in very, very high-end developments. The Q3 home is typically better quality construction, sometimes has a tile roof or hardwood flooring and plaster if older. The Q4 is your cheaper construction, smaller 2X4's are used in construction, usually slab foundation if older. Some Q4's get remodeled to the teeth and become Q3's around here.

I edit your post a bit, so Fannie can use it in their descriptions. Maybe I should just click "like".

 

[Amy Perkins]

My advise is to forget all about Fannie CU and just give your honest opinion about the quality. If you don't feel comfortable with a Q2, do a Q3 and adjust for design. Whatever you do explain that it is an oddball appraisal. Explain why the quality of the construction matters and the old growth redwood that is more dense... You might want to consider what it costs to remodel the kitchen and baths, now extract out the difference between a Q2 and Q3 in one of your old reports. You can put lipstick on a pig, but at the end of the day; it's still a pig. It's like when you see a property with a garage conversion and they build another garage making it a larger house. It still does not compare to the custom built home with vaulted ceilings and solid cohesive design.

 

[Terrel L. Shields]

One of the more dramatic examples I know about is a complete reproduction of a Standford White home that burned to the ground,

But did they build it with the same flaw that caused the fire? Like old wiring? Bad heat system? Inadequate electrical service? That's why I am not particularly keen on calling these old old houses "high quality".

 

[The Warrior Monk]

But did they build it with the same flaw that caused the fire? Like old wiring? Bad heat system? Inadequate electrical service? That's why I am not particularly keen on calling these old old houses "high quality".

Nope, the rebuild didn't include the guy working on the cedar shingle roof that left behind the blowtorch.

 

[2008 KC Royals]

I have appraised Q1 properties and several of them. They are large estates usually and have it all, like lifestyles of the rich and famous; the last one cost four million dollars to build without the land. The span in the foyer and living room is usually spectacular and these homes usually have land, a view of the ocean, tennis court, guest house, study or library and pool. You would need a maid to clean it, because it would be a full time job. Most of the custom homes are Q2, with some in very, very high-end developments. The Q3 home is typically better quality construction, sometimes has a tile roof or hardwood flooring and plaster if older. The Q4 is your cheaper construction, smaller 2X4's are used in construction, usually slab foundation if older. Some Q4's get remodeled to the teeth and become Q3's around here. I don't usually see much below a Q4.

Was just talking to someone who watched a FNMA webinar the other day and according to him FNMA says that the Q rating of a home does not change from the day it was built. If it is built as a Q4 it will always be a Q4. That doesn't mean a quality adjustment shouldn't be made, just that significant remodeling of kitchens and bathrooms does not change the Q rating. I wasn't aware of that but can think of only one time that I called a house that was originally a Q4 a Q3 after crazy upgrades to everything. Anybody else aware of this?