As you know, an appraisal provides an opinion of value of the property, but, did you also know the appraisal contains comments on the condition of the property?
An appraiser will comment on the condition of the property based on what they see during their visit. They will not inspect the property like a property inspector, if there is something
they see that may need repair, they will comment on it in the report.
If they see stained ceiling tiles, they may call for the roof to be inspected.
If they see a window is cracked, they may comment that it needs to be replaced.
The appraisal report will conclude that the property’s value is “as is” or “subject to” the repairs.
If it is “subject to,” then the appraiser will be required to go back out to the property after the repairs are completed to give a final report.
The appraiser will charge a fee for this final inspection.
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John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.