Appraisals Completed “As Is”

Homium permits appraisals to be based on the “as is” condition of the property provided existing conditions are minor and do not affect the safety, soundness, or structural integrity of the property, and the appraiser’s opinion of value reflects the existence of these conditions. It should be noted however, that Homium requires a demonstrated pride of ownership and overall property maintenance should be properly demonstrated.

Minor conditions and deferred maintenance are typically due to normal wear and tear from the aging process and the occupancy of the property. While such conditions generally do not rise to the level of a required repair, they must be reported. Examples of minor conditions and deferred maintenance include worn floor finishes or carpet, minor plumbing leaks, holes in window screens, missing handrails, or cracked window glass. Please note that Homium may require at its discretion any minor condition or deferred maintenance be repaired prior to closing and funding.

Properties with condition ratings C1, C2, C3, C4, and C5 as previously defined are eligible in “as is” condition. Properties with the initial Condition Rating C6 indicate one or more deficiencies that impact the safety, soundness, or structural integrity of the property. Properties with a rating of C5/C6 must be completed as subject to and are not eligible for a Homium mortgage unless the condition deficiencies are addressed, repaired and reinspected.

See Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property in this topic for additional details when completing appraisals on properties with safety, soundness, or structural integrity deficiencies.