Condition Rating C3: The New "Average"

Wednesday, August 13, 2014

There continues to be a lot of misinterpretation of the UAD condition ratings resulting in inconsistent application of the ratings. Much of the misunderstanding seems to be a carryover from the days when everything was "average". In some cases it is the persistent belief that the definitions are relative, in others it seems to a belief that applying the C3 rating will require fewer comments, even if the home is nearly new.

In my discussions with appraisers and lenders responsible for warranting appraisals to the GSEs, the overwhelming interpretation of when a property typically moves from "C2" into a "C3" rating is when its age reaches about 15 years. This is based largely on the comment in Appendix D shown below, which refers to the "first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.)". As we know, the overall economic life of a structure is a holistic view of a collection of component parts, each of which has its own economic life. If, for example, we say that a brand new home has a remaining economic life of 50, or 60 or even 70 years, we are not saying that the furnace, carpet and roof are all going to last 50, 60 or 70 years, nor are we saying that the foundation or truss system will last only 50 or 60 or 70 years.

C3: The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.

The key point in recognizing the line between C2 and C3 is that when the first round of replacement of short-lived components gets started (typically 15 years or so after construction), it probably has moved from a C2 to a C3 rating. My house is 14 years old and we have yet to replace anything except a fence panel. We have kids and dogs so the carpet is definitely on its last leg, but otherwise we have replaced nothing, everything is serviceable and clean and the most appropriate rating is C2.

Older homes effectively re-gain a C3 rating through updating and renovation. A complete renovation might even warrant a C2 rating, but the emphasis with C2 is on "complete". A newer home could also justify a C3 rating if the wear and tear is accelerated. All properties require a minimum level of maintenance and upkeep; a brand new home that is neglected can accrue depreciation at a faster than typical rate and fall into disrepair. While uncommon, it does happen and newer homes can warrant a C3 or even C4 condition rating. For example, a six-year-old home that has had little maintenance resulting in the need to make repairs or replace components in order to make it competitive with typical six year old homes might warrant a C3 rating – and it would also warrant extensive commentary detailing the areas of deferred maintenance and the cost to bring it into marketable condition.

Each property needs to be categorized based on which rating definition most closely captures the state of the whole property at the time of appraisal for the subject, and at the date of sale for the comparable sales.

It is critical to remember that the ratings are relative to the definitions, not to the other properties. Surrounding a hot dog with a mountain of peas and carrots will never turn it into a vegetable.

Bill King is Senior Vice President of Valuation Solutions at Platinum Data Solutions. Bill King is a licensed real estate broker and certified residential real estate appraiser in Washington State, and nationally recognized instructor of real estate and appraisal courses and seminars. Bill has over 30 years of experience in real estate and valuation; he has been a forensic expert in the valuation and housing segments for over 20 years; has taught dozens of appraisal courses; and contributed to the country’s most widely used appraisal textbook. He was a key member of the Appraisal Institute for several project teams, and has published dozens of industry-relevant articles and papers. He has been a valuation representative to MISMO, consulted with the GSEs on USPAP issues for UCDP, and participated in creation of UAD. He was a Co-Founder and Board Member of the Appraiser’s Coalition of Washington; Founder, President and Chief Appraiser of ValueOne Appraisal; and Regional Sales Manager for FNC.

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I don't see how a 14 yr old house with nothing replaced or upgraded can warrant a C2? The UAD definitions state "in like new condition" for this rating. Those in very good condition often warrant an extra line item for kitchens and baths, to properly adjust vs the typical C3.

I totally agree with the previous comment. C2 only lasts for a few years when a property is typically maintained, not 10 to 15 years.

Just one example of how screwed up the industry is. This writer has consulted with the GSEs, AI etc (all of the credentials which are supposed to mean something), yet has a totally different interpretation of these codes than the 1st three working appraisers to comment. AND we are about to be judged by these GSEs with who knows what consequences. Geeeez

I would never rate a 15 year old house a C2 unless it had been fully remodeled within the past year. How would it be described as having "little to no physical depreciation, require no repairs, virtually all building components are new or have been recently repaired, refinished or rehabilitated. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction"? It might be a C3 with an adjustment for deferred maintenance items (like the carpets), or it might be a C4.

Fannie Mae is a never ending lesson in confusion or maybe none of us really know what we are talking about. On the other hand perhaps Mr. King doesn't want to live in an average house and this is a lesson in home owner bias that no amount of appraisal education can overcome.

I've never seen his house, but 14 years old with nothing replaced?????

The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently renovated and are similar in condition to new construction."

To call a 14 year old house with no updates or improvements a C2 would likely be a misleading report

Exactly. But then, the author "participated in creation of UAD". I don't think I would put that in my resume...

C1 is new, C2 is like-new, C3 is good, C4 is average, C5 is fair and C6 is poor.

There's a reason lenders won't loan on anything below a C4 - because C4 is equivalent to average and they don't lend on anything in less than average condition. I rarely use C2 because to me few houses are "similar to new construction" after they've been lived in for a year or two, especially if there are kids and/or pets involved. I suppose it depends on one's definition of similar.

If they wanted to make sure that subjective opinion doesn't come into play, they should have made the descriptions less open to interpretation. An example might be "A house that's been occupied for less than X amount of time and has no atypical damage or excessive wear and tear should be categorized as C2"...

I know not seeing a home leaves us only with your description of your home. Your description with the carpets on it's last leg would leave me with a C4 rating which states "features some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and needs only minimal repairs . . . cosmetic repairs. C2 - no way, that states: improvements features NO deferred maintenance (you state your carpets need or nearly need replacement), virtually all building components are new or have been recently replaced (you have stated you have not replaced anything and your home is not new or nearly new. You would have a hard time selling your rating based on your description!

A home at 14 years old is probably a C4 only maybe a C3, completely not a C2.

C2: The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.

C3 : The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

C4: The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

C2 occurs when the home is renovated and EVERYTHING is replaced, aka similar to new construction.

Actually I see no issue understanding any of the ratings except the difference between the C3 and C4 ratings. If a 1 year old house has some deferred maintenance technically it should be a C4 because that is the highest rating that includes any deferred maintenance? What about a 50 year old house that has no updating and lacks appeal but has no deferred maintenance but has a much higher effective age than a 15 year old house with some deferred maintenance? The 15 year old house actually is in superior condition and even with its deferred maintenance, it would take much more to bring the 50 year old house into the condition of the 15 year old house. Or a house is totally renovated recently but has $500-$1000 in damage but the 50 year old house with no updates and no damage is a C3 and the former is a C4? There either needs to be some changes made in flexibility to what C3 and C4 can include with a simple explanation allowed in comments stating for example "The subject is in good overall condition with several updates and improvements recently but does have some minor deferred maintenance. Due to the overall condition of the subject being considered avg-good, a C3 rating is considered more appropriate than a C4 rating." Think of all the issues a C4 rating would cause for this particular property when the most similar comps all have C3 or C2 ratings in your grid. The difficulty of locating a comp in good condition but also having some deferred maintenance so it can technically be classified as a C4. There needs to be in another rating added or allowance in a C3 for some deferred maintenance if the house is deemed more appropriate. I mean if you think about it even a C2 should be allowed to have some deferred maintenance. A 3 year old mint condition house has some peeling fascia paint or door trim decay and it should have a C4 rating? Until you get down to a C4 no rating description includes ANY deferred maintenance so technically ANY deferred maintenance, if on a 1 week old house must be designated a C4? Show me in writing where I am wrong PLEASE! Please address this bigger issue Mr. King. Thank you.

You're being too literal. The condition ratings are defined in 3 or 4 lines of text and so aren't meant to be comprehensive definitions that apply to every single property without some common sense being needed. Go with the overall condition rather than drop it an entire condition rating because of a $50 repair item.

A 14 years old house, with kids, etc and NO repairs of any type (fence doesn't count), if Mr King thinks he has a C2 (and would apparently be teaching this to countless others), the profession (which it used to be) is lost for sure. Carpet is admittedly shot. How about the water heater? Dishwasher? HVAC? Any leaky faucets? etc. etc. In my market, I'd call that a C4 though I know not all would agree. If Mr King's 14 year old as he described it is a C2, then what in the world would a C4, or a C5 look like. We are doomed.

We might not all agree on whether a 15 year old house without updates is a C3 or C4, but we all agree that it isn't a C2. I hope the author re-reads the condition rating terms and sees the error of his ways before he goes out and teaches more people.

I realize that each owner thinks his home is a castle but what's being described would never be considered C2 in my appraisal. Perhaps the writer should consider a "key point" is recognizing the words "NO physical depreciation" versus "limited physical depreciation due to normal wear and tear" between C2 and C3 ratings. The 15 year mark isn't a magic number either. At 14 years, the dishwasher, the water heater, perhaps even the HVAC are also on their last legs...

Clearly, using my own house as an example was not the best choice. The fact is we have serviced and maintained everything. The house is not new anymore, but it is in excellent shape. Carpets in my mind are a matter of routine maintenance; the current condition I describe as last legs doesn't even apply to the whole house, and many folks would simply clean rather than replace at their current level anyway. The bottom line is that none of the major systems need anything and they are all quite modern. More important though, and made clear by the comments, is that with six grades of condition classification, if appraisers put 80% or 90% of America's housing stock into one classification, the classifications are as meaningless as "average" was previously. The point is not to draw hard lines around 15 years or any other criteria, but to view whole properties in the context of the definitions. The 15 year mark is an approximate point at which certain components may begin requiring replacement.

The fact is that your house is not in like-new condition, and virtually all components are not new or recently replaced. How can you possibly continue to argue that your house meets the criteria of C2 if you haven't remodeled/replaced "virtually all" of the components? Do you really think the market would consider a 2000 house with no remodeling to be the same as new construction, even if it's well-maintained?

The way I read C2 includes "little or no physical depreciation". Many 14 year old homes have "little" physical deprecation. It also says"requires no repairs". Many 14 year old homes require no repairs. It says "outdated components and finishes have been updated/replaced". Many well built 14 year old houses will not have outdated things to replace. Fourteen years is no longer altogether "similar" to new construction, but well maintained, they may not be that far apart either. Many 14 year old houses that need nothing more than a few yards of new carpet to be market ready can be seen as meeting the C2 definition. Are we on the edge of C3? Sure. What is the line? I don't know for certain. But I see enough 3 old year houses rated C3 and C4, and enough 60 year old houses (original equipment) also rated C3 and C4 to know that many appraisers aren't reading the GSE definitions at all. Again, using my own house was a poor choice - it can be any 14-year-old house - and editing down for brevity may have changed the way things read.

Amazing you can even argue for C2. When I first read your article I figured it was a typo, then read it again and again and saw whoa, this makes no sense. As you can see from the comments your interpretation is not the norm and I say thank goodness. How can you not read the part that says "almost new" or "similar in condition to new". Age and condition are 2 separate lines for a reason. Why you want to tie them together is strange. They have some bearing but little really. I have seen 3 year old homes in poor condition and 20 yr old homes in like new condition. Your arguments are scarry.

You're reading the first sentence of the C2 definition and ignoring the rest, Bill. You have to apply the *entire* definition, and a well-maintained but lived-in-for-years home simply does not meet the criteria of a C2

I disagree with the author also. No way it's C2. C2 says little or no physical depreciation and all outdated components and finishes have been updated and/or replaced. Well, all of his components are depreciated because they're 14 years old and have never been replaced. Go ahead and re-write the article, I'll wait.

A large portion of my work is purchase appraisals. While I consider C4 to be equal to what we considered "average" back in the day, I most often use C3 as the subject condition. This is because generally, when a house is going to be put on the market, it is updated to the point that its condition is a notch above an average house that is not on the market. When only viewing appraisal data, an untrained eye might think that C3 is the new average, but the data is probably skewed because the majority of those appraisals are for homes being sold, and therefore, brought up to a better condition.

Condition ratings aren't based on how the home compares to other houses in the area. If the house is well-maintained and has limited depreciation, it's a C3. If it's got normal wear and tear and minor deferred maintenance, it's C4. And so on. A new coat of paint and some carpets aren't going to automatically equal a C3 in my book. Maybe an adjustment on the condition line if comps with the same rating don't have new carpets and paint and the market supports a higher price because of it.

There may be interpretation differences of the UAD ratings between appraiser's, however; there is no question in my mind that a house as described in the editorial would not be a C2. Frankly, I was quite surprised by Mr. King's statement regarding his own home and read it twice thinking I misunderstood!

Based upon UAD definitions I would have to say that C4 is the new "average"

How about we just rated between 1 to 10?

Or we can rate homes like we do movies . . . 1 star to 5 stars. (In 1/2 increments)

Even better, use the 1 to 100 rating system.

I am glad to see the great majority of appraiser's understand that a 14 year old house that hasn't been updated isn't "like new". LOL

It sounds like the author may be stuck on the idea that the condition ratings somehow correlate to the life cycle of a house (i.e. Stage 2 = The period after new construction but before short-lived components begin to fail, typically about 15 years). So in his mind, if a house is in the second stage of life then it's a C2. But that's not how the condition definitions read. Nowhere does it say anything about short-lived components or life cycles. It's very clear that C2 has to be nearly-new, or recently refurbished and like-new.

Lets just continue to trivialize this o so complex industry. Ya we are so smart and complex we cant even manage an industry ourselves. We as appraisers want to come across as so smart and all knowing. All the while condemning ourselves. These types of articles and topics really loose meaning when we really consider where we are in this industry and how obviously the remainder of the real estate industry views us. Basically, as a "joke" and puppets on strings. So the answer you say is do something else, well I do, due to the capability this industry has lost to be a primary business. Until we stop being a joke and puppets this industry will continue to demise. STOP FOR JUST THREE WEEKS!!! The best investment you can make in this industry and your own business!

Although I genuinely believe that Bill is attempting to help, his article is yet further evidence that the GSEs and industry as a whole moved far too swiftly in implementing the UAD rules. Years later we are still debating the application while the GSEs are blacklisting for inconsistency. I believe that active field appraisers will have to 'stick to their guns' in regards to the application of rating terms in order to avoid blacklisting. If an appraiser has been using a certain rating consistently in the past why would they now change ( even if they were incorrectly applying the rating based upon new evidence and interpretation) as this could open the door to GSE blacklisting due to inconsistent reporting. Furthermore, a 15 year old home with a C2 rating?

UAD and the rating system is absurd and should be discarded. Reset the residential mortgage appraisal industry to 1993. Make a couple of adjustments to the 1004 form from that time period. The current needless complexity is accomplishing nothing. We are rapidly approaching the bursting of another real estate bubble, then more needless rules will be piled on. The mind set of too many is that the complexity makes appraising more PROFESSIONAL. Very wrong. You do not usually treat a zit with chemo. I am sure the author will disagree because he helped develop UAD. If you want real improvement: remove the government tainted and, in the long run, very inefficient input in the secondary market completely. Have lenders live with the mortgages cradle to grave. This will help provide long term stability to the residential real estate market, provide better protection to the homeowner, and help shut down those who love, and profit from artificially created real estate market short cycling fluctuations. Instead of pressure on appraisers to make the deal, maybe the lender will use appraisers that shoot straight since their skin would be in the game in a much bigger way. By the way, I have not been involved in residential mortgage appraising for many years. I could not longer survive on below minimum wage. I am involved in commercial, industrial and unique residential. I do this for tax appeals, litigation, commercial lenders, accountants, individuals; and I also am involved in eminent domain for several entities.

Appraisers understand this much better than even FNMA. C ratings are not based on age. Same with the Q ratings. Every time I see an "Expert" talk about this subject, age is always brought up. The only time that age is an issue is if the home is new. I have seen many posts and even had stips that a home under 5 or 10 years old should always be a C2. Most reviewers now will look at the updating history. If there are none, then it has to be a C4 if over 25 years.

Here is a summary based ONLY on the actual definitions:

C1. New Home
C2. Like New
C3. No repairs needed
C4. Needs repairs
C5. Needs a lot of repairs, can be lived in, but not safely
C6. Bulldozer it.

Here is the problem.FNMA allows an appraiser to be one condition rating different than the norm. If all the appraisers call it a C3, but you rate a C4 or C2, they will not audit you for that. If this home is typically rated a C4, then you are screwed if you label his home a C2. That is why C3 is the new norm. It is safe.

If FNMA's flagging appraisers that give condition ratings that are more than one number away from what the majority of other appraisers give for the same property...and Bill is rating properties a C2 that most would call a C4, it could be license suicide.

I suggest Mr. King review the pre printed guidelines on the appraisal forms, for UAD condition ratings. C2 states dwellings in this category either are almost new, or have recently completely renovated and are similar in condition to new construction.
A 14 year old home with bad carpeting, and no updating would never be considered similar to new construction. If I was reviewing a report, on your home based on your comments and the appraiser has C2, I would have to check no on the conditions section of the review, due to the condition rating is incorrect per UAD guidelines.

Hi Bill

Your C3 article was much appreciated.....Quite frankly the rating system based on the UAD definitions are confusing and inadequate.

I've gotten extremely bitter with the state of this so called profession. Who else but hopeless appraisers would allow the passage of regulations
that obliterated our existing clients, add 2 or 3 hours to each job and with a DROP in pay to boot

....And barely a whimper from our cloutless profession of bindle-stiffs.

Do you think the ABA or National Association of Realtors would allow the eradication of their Client Attorney or Realtor / Seller relationship.
Not on your life.

I truly believe only a complete imbecile or misguided sap
would enter this farce formerly known as the appraisal profession.

Appraising is mindless time consuming drudgery not unlike that of Herman Melville's Bartleby.

I would prefer not to be an appraiser.

Bill you said: "The key point in recognizing the line between C2 and C3 is that when the first round of replacement of short-lived components gets started (typically 15 years or so after construction), it probably has moved from a C2 to a C3 rating."

This statement is not consistent with the C2 definition and I have never seen any literature from the GSEs that describe the transition from C2 to C3 as being the 15 year mark. Moreover the condition ratings except for C1 have nothing whatsoever to do with age because a 120 year old home could have a C2 rating and a 4 year old home could have a C4 rating.

Bill, can you please provide the data source (should be the GSEs) for your assertion that the 15 year mark is the transition point from C2 to C3.

interesting enough when I took a web class on the introduction to UAD, the course was live and had appraisers logged in from throughout the US. We were given examples to look at then asked to assign a condiion rating we felt was correct for these examples, at that point a graph would be instantly shown with the % of each condition rating given combining the hundreds of appraisers taking the course!

As appraisers our answers were VERY VERY consistent, to the point that over 90% came up with the same conclusion on virtually every set of photos we were shown.........Wait for it........Here comes the BOOM.....We were then all told that we were not inline with what the so called "experts" who came up with this brilliant system had as there ratings......

Now I hear that at Vegas one of the enforcment gurus for Fannie spoke and basically said they would be calling appraisers out on our adjustment and how the old days of $40 GLA adjustments were gone and in most cases the GLA adjustment should be $200-$400 a SF.....REALLY.....REALLY....Id like to see him bracket within the sales prices of the Comps used.....LOL

Its Scary folk's, these are the people in charge.....

Reading this article just proves a major point....Read the responses, we as Appraisers are pretty much all on the same page......Bottom line is if they are actually going to be disiplining appraisers for C ratings, or GLA adjustments under 200 a sf, based what I have seen and heard, there will not be anymore Appraisers....As I said we are all pretty consistent, so either WE ARE ALL WRONG or maybe the Chiefs need to quit talking amongst themselves and start to listen to the Indians.....

That guy at FNMA is head of valuation. He hasn't done an appraisal for 30 years. He is the one that said a 25 year effective age home should always be C4. He also said that our adjustments do not fall in line with what their "ALPHA" computer model tells them. Our adjustments should be double. The first question that he got, was the USPAP instructor when he asked "Can all of the appraisers get the Book of Adjustments?" the answer was a 10 minute ramble on how he couldn't do something like that. The guy is a joke, but FNMA lets him be in charge of valuation? He would be put on the FNMA blacklist making $100 per sf adjustments on tract homes in the Midwest. Most of the bad appraisers have been weeded out. The problem is not appraisers as much as it is all the other people that try to tell us what to do. Those people have not been weeded out. They still have their jobs somehow, and as is shown in this article, have no idea how to appraise. C2 . . . .. bah. Appraisers get pages and pages of these stupid rules all the time, and we have learned how to follow them. Our "Leaders" can't even figure out these rules, because if they did, they would change them or get rid of 90% of them.

Bill, I hope you are not actually completing appraisals these days. It's bad enough that you have "consulted" with the GSEs. Of course we have not seen your house, but it sure sounds like you are a C3 or a C4. No 14 year old house with little or no updating is a C2, even if it hasn't been lived in. I've reviewed hundreds of appraisals in the past two years, and the good news is that appraisers don't rate property condition like you do.

Unfortunately the explanation of a C2 rating as explained in this article is what is causing many appraiser's to be confused and to provide inaccurate reports. In no way does a 14-15 year old house with no major components having been replaced meet the UAD definition of a C2 condition rating. I agree that this would even be a misleading report. Please make sure that you understand the UAD condition ratings before posing as an expert to other appraiser's as to how to determine them. I know that myself and most of my peer appraiser's are informed enough to know that this is a horrible example of a C2 condition rating, but some inexperienced appraisers or apprentices/trainees may read this thinking it is from a good verifiable source and would be badly mislead.

2500 SF X $125 = $312,500 COST NEW

I too think that waiting for the entire first replacement cycle to end is too far down the line to warrant a C2 condition. I do think that the midpoint of the replacement cycle would be a good place to start, 6-7 years for mechanical and appliances and so forth.

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