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RubberStamp

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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. 

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Bobby

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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.

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MEP

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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"
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M. E.

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RubberStamp

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Reply with quote  #4 
How about the FHA implications?   MEP it has other FHA breaches so it is going to be subject to regardless. 
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #5 
It's called an enclosed porch.
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RubberStamp

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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. 
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #7 
What about unfinished basements?  

Yeah, FHA is full of double standards.  Fuggers.

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Chuck_Schick

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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.
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MEP

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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...
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M. E.

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