Must be repaired with a resulting minimum condition rating of C5 prior to delivery Properties with a condition rating of C6 are not eligible for sale to Fannie Mae.Īny deficiencies impacting the safety, soundness, or structural integrity of the property That negatively affect the safety, soundness, or structural integrity of the property.Īs a result, if any portion of the dwelling is rated a C6, the whole dwelling must However, the C6 rating isĪn exception because it indicates that the property is impacted by one or more deficiencies Inferior or superior areas of the property improvements. To select either a lower or higher overall rating on the basis of one or two minor Holistic view of the condition of the property improvements. In this category either are almost new or have been recently completely renovatedĪnd are similar in condition to new construction.Īs previously noted, the condition rating selected for the property must reflect a All outdated components and finishes haveīeen updated and/or replaced with components that meet current standards. Virtually all building components are new or have been recently The improvements feature no deferred maintenance, little or no physical depreciation,Īnd require no repairs. Improvements that have not been previously occupied are notĬonsidered “new” if they have any significant physical depreciation (that is, newlyĬonstructed dwellings that have been vacant for an extended period of time without New foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured Note: Newly constructed improvements that feature recycled materials and/or components canīe considered new dwellings provided that the dwelling is placed on a 100 percent The appraisal Additional Comments section must address needed repairs and physical, Items where maintenance may have been deferred, which may or may not require immediate (See Identifying Property Condition Definitions of Not Updated, Updated, and Remodeled and Identifying Quality of Construction in this topic for details.) The appraiser must consider and describe the overall condition and quality and condition If the conditions are typical for competing properties. Or discovered while performing research, such as, but not limited to, needed repairs,ĭeterioration, or the presence of hazardous wastes, toxic substances, or adverse environmentalĭetrimental conditions of the improvements must be reported in the appraisal even Note: Appraisers are not responsible for hidden or unapparent conditions.Īppraisal reports must reflect adverse conditions that were apparent during the inspection The property as of the date of sale of that comparable property. Quality ratings for comparable properties must be made on an absolute basis (again,Įach comparative property on its own merits), not on a relative basis, and reflect Or compares to other properties in the neighborhood. The rating should notīe selected on a relative basis, meaning it is not selected on how the property relates TheĪppraiser should select the rating that best reflects the property as a whole andĭescribe the subject property as of the effective date of the appraisal on an absoluteīasis, meaning the property must be rated on its own merits. When selecting the condition and quality ratings, an appraiserĬonsider all improvements to determine an overall condition and quality rating. The condition and quality ratings must be based on a holistic view of the propertyĪnd any improvements. Appraiser Selection of Condition, Quality, and other Characteristic Ratings
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