Vinyl siding and assumption

[Deleted member 142783]

I am pretty sure we have a pre printed assumption on the 1004 form to cover this, but….

FHA assignment for a 1950s home on a busy road (I drive by this property on a regular basis)….

One month after closing they pull the vinyl siding off and the home is a c5 based on exterior condition. Half the wood siding was rotted and the other half is missing.

It’s been about 1-2 years and they still have not gotten around to fixing it…. Probably never will.


I sold a 19502 home a few years with vinyl siding. I told the buyer there was no way to know what was under there (siding was affixed with some sort of adhesive).

Do you make an additional specific adjustment for vinyl siding ?

 

[Terrel L. Shields]

No. We just peeled it off my mother's old house to remodel. The deer were admiring my nephew's work. It was 30 years old and nothing rotten there. It's wrapped almost and ready for new siding. We cannot see what we cannot see.

 

[Airstream]

I would say 80% of the homes I appraise have vinyl siding. I DO however take into consideration comparing a home with say LP SMART siding to vinyl siding. LP SMART siding is highly desirable because it can be painted and lasts for a very long time, AND it is very expensive to put on a house. It also looks better. So I may make a quality adjustment if everything else is equal. On the other hand you have to be careful. There are some vinyl sidings that are very high quality and expensive as well. They tend to be the thicker lap type siding. I’ve actually done an appraisal on a multi-million dollar property that had this very expensive vinyl siding.

 

[Dublin ohio]

I would say 80% of the homes I appraise have vinyl siding. I DO however take into consideration comparing a home with say LP SMART siding to vinyl siding. LP SMART siding is highly desirable because it can be painted and lasts for a very long time, AND it is very expensive to put on a house. It also looks better. So I may make a quality adjustment if everything else is equal. On the other hand you have to be careful. There are some vinyl sidings that are very high quality and expensive as well. They tend to be the thicker lap type siding. I’ve actually don’t an appraisal on a multi-million dollar property that had this very expensive vinyl siding.

Smartsiding has had problems in the past. Don't see much around here. I only know of 2 builders in area that use it. Cement fibre is more popular. Vinyl for the more "affordable" homes

 

[Airstream]

Smartsiding has had problems in the past. Don't see much around here. I only know of 2 builders in area that use it. Cement fibre is more popular. Vinyl for the more "affordable" homes

Actually where I worked Cement fibre had the problems. One builder said he wouldn’t use it again because it tended to deteriorate when wet. And where I worked had high humidity. They really hadn’t had any problems with LP Smart siding. And it was the go to siding for most of the higher end homes. Interesting. I wonder if it is the type of siding they are using or the environment in which used.

 

[glenn walker]

And what adjustment is that ? You make one up ? LOL

 

[Airstream]

And what adjustment is that ? You make one up ? LOL

No, I don’t. There is actually some pretty good data out there in my market with similar houses that sell with higher quality siding. Cedar sided, half log sided, or LP Smart siding homes definitely will sell for more money. They generally have better curb appeal (if the siding is in good shape) than vinyl sided homes.

 

[Fernando]

I was taught early on that when I see vinyl siding, property owner is hiding something behind. That's still my initial view when I first see vinyl siding.

 

[BRCJR]

I was taught early on that when I see vinyl siding, property owner is hiding something behind. That's still my initial view when I first see vinyl siding.

bias?

 

[Vermonter]

One month after closing they pull the vinyl siding off and the home is a c5 based on exterior condition. Half the wood siding was rotted and the other half is missing.

Why would this matter if Vinyl was there on the effective date?