We once had a Realtor call us about a property that was formerly used for the “production of medicine” (aka an illegal weed farm).
He asked whether the appraiser would call out the holes in the floor (for ventilation and grow lights) and the damage caused by the angry guard dog.
The answer was yes, so he had to de-weed-farm the property before the appraiser showed up – probably a good rule of thumb :).
As a quick reminder: Properties can be very dated, old, tired, worn and in need of paint and significant improvements and appraisers usually won’t call out anything.
Appliances can be missing too if they are not “built in.” Even holes in walls are often ignored.
“Health and Safety Issues” and “Visible Structural Defects,” however, will be called out.
Examples include clearly leaky roofs; roofs that are obviously “beyond their useful life” with missing shingles, tiles, etc; missing floor coverings; holes in the floor; broken stairs; missing railings; exposed electrical wiring; badly peeling paint; significant dry rot; and exposed and un-capped plumbing.
And recently, our appraiser was shocked to find an electrical outlet built into the side of a sink. (true story)
Apparently, the homeowner forced her kids to wash their hands in the sink whenever they were naughty 🙂 (OK – this part is not true)
Anyway – please make sure health and safety and visible structural issues are addressed before the appraiser arrives.
Founder/Broker | JVM Lending
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