Fairfield County Homes for Sale: Part 2 of This needs to be seen by All Realtors regarding Appraisal Changes and what they mean

Part 2 of This needs to be seen by All Realtors regarding Appraisal Changes and what they mean

I wasn't able to reblog the first post of this series.  I don't know why the reblog button wasn't available.  However, it's always a good idea as the listing agent to prepare an information packet with the data appraisers need so that the appraisal comes through accurately and as fast as possible.   This is part 2 of a 3 part series.  I'll post part 3 next.  The link to part 1 is in the post below, read that first.

If you did not see my recent Featured post on the new UAD (Uniform Appraisal Dataset) requirements for appraisals, it received considerable positive feedback, comments and RE POSTS due to its very important and timely information!

Below is a link to that blog. AS PROMISED, I am now providing you with the all important DEFINITIONS for the new codes that will be seen on all appraisal reports across the Country starting on September 1, 2011. 

As you will see Q = Quality and C = Condition and then there are numbers that follow to describe the property. See below.

 Refer to my past blog on the UAD  

 Market Grid Descriptions - C = Condition Rating, C-1-Excellent (Brand New) C-2 - Good (Like New) C-3 - Above Average (Similar To Its Age With Some Renovation) C-4- Average (Normal Wear And Tear For Its Age) C-5 - Fair (Need Some Work Done, Some Cosmetic, Some More Significant, Residence Is Still Functional) C-6-Poor (Needs Major Work And Renovation, Safety And Structural Integrity Likely Affected)

 

Q = Quality Rating  Q-1 - Excellent (Exceptional Quality Seen Only In Custom Homes With Significant Exterior And Interior Finish Work, Extensive, Upgraded Trim Work & Upgrades); Q-2 - Very Good ( Most Likely Custom Designed/Built Or Located In High Quality Tract Development With High Quality Upgrades, Ornamentation And Trim Work); Q-3 - Good (Seen In Standard Residential Developments From Standard Readily Available Floor Plans, With Upgraded Features And Finish Work Above The "Stock" Options); Q-4 -Above Average ( Homes That Are Standard Plans Which Have A Few Upgrades From The "Stock" Or Standard Builder Plan); Q-5 - Average. (Homes That Are All Standard Or Stock According To Builder Plan. These Homes Are Built To Minimum Building Codes And Constructed With Inexpensive, Stock Materials); Q-6 - Fair (Homes Built With Simple Plans Or No Plans At All, With Low Quality And Cost Materials, Possibly By Non Professional Unskilled Workers; Mechanical Systems May Be Minimal Or Non Existent, Older Homes That Have Features Which Are Sub- Standard Or Non Conforming Additions To The Original Structure).

Description Of Improvements: - This is Located On The First Page Of The Appraisal Report and will describe Not Only Condition But When The Last Renovations or Updates, If Any Were Performed, which Include Kitchen And Baths And When these renovations or Updates occurred over The Past 15 Years. i.e.; Less Than 1 Year Ago, 1-5 Years Ago, 10-15 years ago, 11-15 Years Ago, over 15 years ago. THIS IS WHY IT IS SO IMPORTANT TO KNOW IN WHAT YEAR RENVATIONS WERE PERFORMED IN ALL OF YOUR LISTINGS, WHENEVER POSSIBLE OR YOU WILL BE GETTING LOTS OF CALLS FROM APPRAISERS FOR THIS INFORMATION.

Basement Data: One the Grid page of the report, the First Line in the basement section shows Total Square Footage as well as how much of that total square footage is finished.  On the 2nd Line it Shows Details On What Rooms Are Finished In The Basement, ie; rr=Rec Room, Ba=Bath, Br=Bedroom O=Other Rooms. 

 Location & View N=Neutral-Typical Residential Neighborhood And Views, B= Beneficial Such As Location In Development With Amenities And Views Such As Lake Or Golf Course. A=Adverse, Such As Location In Poorly Maintained Development, Views Of Power Lines, Views Of Commercial Buildings In a Residential Area, Views Of Rail Road Tracts, Views Of Vacant Run Down Homes, You get the idea!

So now you have it, incorporate this wherever you see fit in order to help your homeowners out!

 

 

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http://www.marytappraisals.com

 

 

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Comment balloon 1 commentGail Robinson • October 23 2011 09:03AM

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Good Morning Gail

 

Thanks for the re-blog and valuable information on appraisal changes. have a great day.

Posted by Patrick White, Driven to bring New Yorkers home (Home Driven Realty, Inc) over 6 years ago

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