We recently had an appraiser visit a condo for an “as is” purchase appraisal, and there was a large sign stapled to the deck that said: “Danger. Dry Rot. Do NOT Stand On Deck!”
Needless to say, the “as is” deal came to a screeching halt until the issue could be addressed. This was a rookie mistake to say the least on the part of the Realtors.
This is a quick reminder that appraisers have to call out any glaring condition or health and safety issues. These can include things such as missing railings, missing stair steps, leaky roofs, missing floor coverings, very green swimming pools, large cracks in walls, sloping floors, etc.
For “as is” transactions, it is important that all visible issues get addressed before the appraiser visits. If issues remain visible, repairs and a re-inspection (or even a new appraisal) will be required before the transaction can close.
Founder/Broker | JVM Lending
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