Property Condition Report Instead Appraisal
1,286Can lender use Property Condition Report instead Appraisal?
Asked by
REALTORS®
REALTORS®
Categories:
Realtor Only
Realtor Only
4 answer(s)
About 5 years ago
Not as a stand alone report! Sometimes owners may forget to add something to the disclosure that could affect the prices of the property and should always have an appraisal done! Quite often when dealing with "As Is" properties then this would be a little different!
Like
DislikeAbout 5 years ago
Mr Muthusamy,
I doubt that a Property Condition Report could be used as a stand-alone in lieu of appraisal. What I think is that perhaps the Property Condition Report could be factored in by the appraiser to determine the value of the property in question.
But truly, I am not a lender or an appraiser. This is a question for one or the other. For the most accurate and reliable response to your question I would recommend that you reach out to your lender and or appraiser. These professionals have the knowledge and experience to give you the best and most up to date information. If you don’t have one yet, ask to have one recommend to you by a friend or your realtor.
I hope that this is useful to you. Good luck.
I doubt that a Property Condition Report could be used as a stand-alone in lieu of appraisal. What I think is that perhaps the Property Condition Report could be factored in by the appraiser to determine the value of the property in question.
But truly, I am not a lender or an appraiser. This is a question for one or the other. For the most accurate and reliable response to your question I would recommend that you reach out to your lender and or appraiser. These professionals have the knowledge and experience to give you the best and most up to date information. If you don’t have one yet, ask to have one recommend to you by a friend or your realtor.
I hope that this is useful to you. Good luck.
About 5 years ago
A property condition report is usually a Seller's disclosure of the condition of various parts / features of their property. An appraisal on the hand is a professional estimate of the value of a property. A lender will aways require an appraisal of a property to ensure that the loan they provide for the purchase of the property does not exceed its value.
About 5 years ago
Hello Venkudusamy , your question isn't quite clearly stated but typically for FHA financed loans, the appraiser will do an appraisal and also conduct a property inspection to assess the condition of the home. This is just to note the condition of the home to be sure it meets FHA requirements as they have specific guidelines before they can fund the transaction. This inspection done at the time of the FHA appraisal is not the same as the standard inspection done during the option period that's paid for by the buyer. Hope this is what you're asking.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
Advertisement
1 answer
Resolved
Saved
