Unfinished bath, but bath in basement

[phitzdisco]

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]

Subject to the finished Bath....MPR.............

 

[phitzdisco]

Call me dumb, but what's MPR?

 

[Jalexi]

Minimum Property Requirement

 

[RSW]

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]

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.