Forum Header

Georgia Appraiser Forum

Provided by:   John M. Bryant, Inc., A Georgia Appraisal School

School Calendar | Phone Book | Appraisal Topics | Appraisal Questions | Other Topics

Forum Rules
Online Courses
Appraiser Search
MLS Analyzer


Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
RubberStamp

Platinum Member
Registered:
Posts: 1,826
Reply with quote  #1 
I've got a house where they added a porch off the back.  Then it appears they enclosed the porch.  They added insulation in the ceiling and walls.  Not wired for electric yet.  It has plywood subfloor.  The door to the GLA is still weatherproof. 

What do I make them do if anything?  If it was just left with bare wood, windows and walls I could still call it a porch - doesn't violate any of the 3 S's.   However, now I'm staring at an unfinished project.   

Do I make them pull the insulation out and call it a porch?  Do I make them drywall it up and add floor cover and finish the thing?  I don't know how I can consider it "cosmetic" as it has the look and appeal of a half finished project absolutely affecting marketability. 
0
Bobby

Avatar / Picture

Platinum Member
Registered:
Posts: 5,901
Reply with quote  #2 
"You" don't make them do anything. Technically....

I would consider how the project is permitted by the county as the indicator.

__________________

"America First".   President  Trump

0
MEP

Avatar / Picture

Platinum Member
Registered:
Posts: 2,779
Reply with quote  #3 
This is a Scope of Work issue...appraise it "as is" on the date of value...Call it a covered porch...does it have a permit...too many cans of worms...give the value of a screen porch and move on...I would not mention any intentions of the owners....The owners may be like me...I tell my wife I am going to do something...6 months passes and she ask why hasn't it been completed...my reply, "why do you feel compelled to remind me every six months, I told you I will get it done, I will"
__________________
M. E.

"Don't call him a cowboy until you see him ride'
0
RubberStamp

Platinum Member
Registered:
Posts: 1,826
Reply with quote  #4 
How about the FHA implications?   MEP it has other FHA breaches so it is going to be subject to regardless. 
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 1,747
Reply with quote  #5 
It's called an enclosed porch.
__________________
STANK is full of SHIT!
0
RubberStamp

Platinum Member
Registered:
Posts: 1,826
Reply with quote  #6 
FYI:  FHA is requiring them to finish the enclosure.  Half finished projects ain't flying although we'd rather not be the ones pointing that out. 
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 1,747
Reply with quote  #7 
What about unfinished basements?  

Yeah, FHA is full of double standards.  Fuggers.

__________________
STANK is full of SHIT!
0
Chuck_Schick

Platinum Member
Registered:
Posts: 477
Reply with quote  #8 
Quote:
Originally Posted by RubberStamp
FYI:  FHA is requiring them to finish the enclosure.  Half finished projects ain't flying although we'd rather not be the ones pointing that out. 


FHA is not requiring it. The underwriter is requiring it.
0
MEP

Avatar / Picture

Platinum Member
Registered:
Posts: 2,779
Reply with quote  #9 
That is why I said call it a covered porch...it meets the requirement for a covered porch but not an enclosed porch...the owners make need to convert the loan to a 203k and get everything done and move on...
__________________
M. E.

"Don't call him a cowboy until you see him ride'
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Appraisal Topics | Appraisal Questions | Other Topics