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VA - Decayed Outbuilding Question

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Kitarkus

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Nov 15, 2006
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Certified Residential Appraiser
State
Kansas
I am working on a VA refi report. Subject is located at the edge of a suburban area where properties are not on city sewer and site sizes increase to short acreage +/-.

The house has some rot and peeling paint thus MPR's invoked here. The property also includes an old old old storage shed which is approx. 12' x 16.5'....this is a shed....not an outbuilding. The siding at the shed is chip core siding and is flaking badly. Virtually no paint remains on the shed...roof is in bad shape...eaves are rotted etc.

Must the shed meet MPR's?

Thanks in advance,

Kit
 

Confident Rabbit

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Certified Residential Appraiser
State
Washington
In my market, these small storage sheds offer no contributory value, therefore I would not call for repairs. The exception, of course, is pre-1978 defective paint, which always needs to be corrected.

Good luck!
 

JTip

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Oct 12, 2004
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Pennsylvania
IMM, sheds over 100sf are taxed as real estate.

What does your little town in Kansas say about that?
 

gregb

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California
IMM, sheds over 100sf are taxed as real estate.

What does your little town in Kansas say about that?

Even the ones on wheels? :)
 

GA Benny

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Oct 19, 2007
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State
Georgia
Any structure on the property (considered real property) should meet MPRs according to its utility. So naturally any MPR related to heating or plumbing may not apply to a shed, but it should be safe for use, structurally sound, etc.
 

Kitarkus

Junior Member
Joined
Nov 15, 2006
Professional Status
Certified Residential Appraiser
State
Kansas
Any structure on the property (considered real property) should meet MPRs according to its utility. So naturally any MPR related to heating or plumbing may not apply to a shed, but it should be safe for use, structurally sound, etc.


Thanks all. Per phone call to regional VA "if it does not contribute to the value of the property it need not meet MPR's". Grey area here.
 

GA Benny

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Oct 19, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
Thanks all. Per phone call to regional VA "if it does not contribute to the value of the property it need not meet MPR's". Grey area here.

Now the big question, if it met all the MPRs would it then contribute to the value? hmmm.

I would also have to disagree with that guidance because you could potentially have a condition on the site that is unsafe, but now you get to ignore it just because you could say it doesn't have any value? I don't buy it.
 

Eli

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May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
Thanks all. Per phone call to regional VA "if it does not contribute to the value of the property it need not meet MPR's". Grey area here.

Not on safety. No gray area there. You can't require it but you better recommend it if it is safety related. If it is safety related, I am subject to an inspection or a qualified professional or subject to repair. They can choose their option.

At least you have to address safety issues and strongly recommend an inspection by a qualified professional. Throw an assumption in there if you recommend an inspection.
 
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GA Benny

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Oct 19, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
I would err on the side of caution and call for the repairs in any safety or soundness issue. If the Veteran or the lender disagrees, they can always request a waiver from the VA and they will require the Veteran to sign a hold harmless.
 
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Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
I would err on the side of caution and call for the repairs in any safety or soundness issue. If the Veteran or the lender disagrees, they can always request a waiver from the VA and they will require the Veteran to sign a hold harmless.

Yes. VA does waivers. Always go to the NOV.
 
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