• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Unfinished bath, but bath in basement

Status
Not open for further replies.

phitzdisco

Thread Starter
Sophomore Member
Joined
Jan 18, 2004
Professional Status
Licensed Appraiser
State
New Jersey
I'm pretty sure I know how to handle this issue, but I just wanted to get some feedback because I've never handled an issue such as this with an FHA appraisal.

The appraisal is for a sales transaction. The house is in average condition (built in the 1960s, not recently updated). It is a 3 bedrooms rancher, but the bathroom on the first level is unfinished. The prior owner began to renovate the bathroom (New plywood is up, plumbing is installed) but died before completion. However, there is a full bathroom in the basement that he was using (in good shape) while the renovations were going on.

The house is now being sold as an estate house. The buyer is actually very happy about the bathroom not being finished because it saves him some remodeling costs (demolition, etc).

Do I give the house functional utility adjustments, condition adjustments, or do I need to have it subject to the bathroom's completion? There really are no safety hazards. Thanks for any input.

- Fred Melillo
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Subject to the finished Bath....MPR.............
 

phitzdisco

Thread Starter
Sophomore Member
Joined
Jan 18, 2004
Professional Status
Licensed Appraiser
State
New Jersey
Call me dumb, but what's MPR?
 

Jalexi

Sophomore Member
Joined
Dec 30, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Minimum Property Requirement
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Call me dumb, but what's MPR?

I don't want to be hard on you. But, you really need to read handbook 4150.2, revised appendix D and all of the mortgagee letters if you don't know what MPR is. You don't need to be doing FHA appraisals until you read them either. m2:
 

phitzdisco

Thread Starter
Sophomore Member
Joined
Jan 18, 2004
Professional Status
Licensed Appraiser
State
New Jersey
Wow, thanks for the great, positive feedback, RSW. I am, in fact, a very capable appraiser. Thanks for the concern, but I really don't think that my not immediately recognizing an acronym warrants you to cause head trauma to that poor little smiley face.

I am quite aware of Minimum Property Standards; I have read all of the manuals. I was simply asking for some friendly advice and feedback from the AF community as I was considering solutions to my appraisal problem. I am not an ignorant forum troll.

Take care.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks