405.09: Property Condition

Based on the factual data of the improvement analysis, the appraiser must express an opinion about the condition of the improvements.  The appraiser must report the condition of the improvements in factual, specific terms.  Any condition that may affect the value or marketability of the subject property must be reported to assure that the appraiser adequately describes the property.  The appraiser must report a detrimental condition of the improvements even if that condition is also typical for competing properties.  For instance, the appraiser should note if a property is characterized by deferred maintenance or a lack of updating even if the same condition applies to competing properties in the neighborhood.

The appraiser must address any needed repairs or any physical, functional, or external inadequacies in the "comments" section.  In addition, the appraiser must address adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) that are present in the improvements, on the site, or in the immediate vicinity of the subject property in the space provided for that purpose.