Roof appears to have at least two years remaining life however the appraiser is not qualified to judge the shingle or the workmanship and a roof inspection is recommended.
Remaining economic life of metal roof apprasier.
There are instructions to the lender concerning issues such as encroachments overhead power lines safety and related issues.
If the estimate of remaining economic life is 30 years or more the appraiser must state the estimate at its maximum for example 40 years.
Economic life a home s effective age expresses numerically the number of years an appraiser expects a home to survive or its economic life.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
One of the fha rules for the roof requires the appraiser to report if it has less than 2 years remaining life and require it to be replaced.
The market reaction to the house is 75 of replacement cost 45 60.
If it is determined that the roof has a remaining life of less than two years then it would be the responsibility of the appraiser to call for repair or the construction of a new roof.
Va loans help 5 months ago.
Remaining economic life of the home.
The appraiser must exercise sound judgment when evaluating roof condition.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
If remaining economic life is 40 years the market is paying 67 of replacement cost 40 60.
The roof should have a remaining physical life of at least two years.
The roof should have a remaining physical life of at least two years.
This is pretty vague on life of the roof.
The appraiser must clearly state whether the subject is to be repaired or re roofed.
The percentage of depreciation is 25 15 60.
All i cound find from va is prevent entrance of moisture and provide reasonable future utility durability and economy of maintenance.
If the estimate of remaining economic life is less than 30 years the appraiser must provide a supporting explanation based on either known economic factors or observed physical condition.
This of course is a judgment call that the appraiser is required to make.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
Home inspectors estimate is less than 4 years of life left on the current roof.
For example a 75 year old home could have an effective age of 30 years if its owner has maintained the home and upgraded it so it compares well with a new home.
Hud 4000 1 has a section with guidelines concerning the minimum property standards for homes to be purchased with an fha mortgage.
