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Appraisals " As Is" or " Subject To"
Appraisals " As Is" or " Subject To" - In most residential property appraisals the appraiser will state whether the value was acheived with the property " as is" or " subject to" some repair or correction of the property.

The " subject to" will usually refer to some major discrepency in the property that affects the livability and marketability such as unfinished remodeling, non working heating systems, open walls, etc.

Most lenders will require evidence that the discrepency has been corrected before funding any loan on such a property.

Some cases where a property appraisal would be done " subject to" are new construction homes that are not 100% complete at the time of appraisal and need the finishing touches. Prior to closing your loan officer would order a final inspection with the appraiser so they can go back out to the home and make sure it is complete they would then issue the final inspection stating 100% completion.

Another case where an appraiser might use a " subject to" condition, is when the home is being purchased to be rehabbed. The appraiser can issue a value based on the property being in " average" condition given certain things are fixed.

If an appraisal is marked " subject To" , a lender will usually require a " certification of completion " from the original appraiser. This form shows that the issues making the original appraisal " subject to" have been corrected. The property value quoted originally are considered to be correct with the property in " as is " condition or current condition.

As Is Appraisals and Subject to Appraisals may not be required for HUD-owned property being rehabilitated or rehabbed under section 203k.

This is not a commitment to lend. Restrictions may apply. Information is subject to change without notice. All loans are subject to credit approval. Equal Housing Opportunity.
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