How are y’all supporting condition adjustments on older homes? I just appraised a 100+ year old home, 2 story plus finished basement. As you can imagine, there’s a large number of items of differing condition between the subject and comps.
I’ve always just itemized everything (exterior items
like roof, siding, etc. and interior items like flooring, fixtures, mechanicals, kitchen & baths, etc.) and used my experience of reviewing tens of thousands of sales in my market, just like a realtor would. Lender seems to want data and calculations as support for condition adjustments. With an old, large house like this, I believe the idea that you can calculate condition adjustments like that to be unrealistic, or asinine if I’m being honest, especially considering the vast number of items of differing condition. Prove me wrong, what do you got?
All my other adjustments come from paired sales, strong hard data, basically, but doing condition adjustments that way seems like a fallacy.