Amy, you mention that this is a town home. It is somewhat surprising then that it would have problems both external and non cosmetic. Usually the exterior upkeep is done by the association as are many if not all structural items. (I have seen windows addressed by owners but often these too are addressed by association) Beyond looking at this unit your agent should check into the soundness of the entire developement.. If you move forward on this I suggest even before taking your inspector you have a contractor take a look. (The inspector will cost you upfront and the contractor may give you quotes so high you rethink your initial offer)

Amy,

It is doubtful that an appraisal will provide the numbers you are looking for because an appraiser will basically compare the general features relative to established neighborhood value. They will consider, total square footage, heated square footage, number of bedrooms, number of bath rooms, garage size, condition of the roof, dry/wet cellar, size lot, roof age, and the basic overall condition. They will not likely consider paint, carpet, condition of the grounds, type of counters, age of kitchen and bath etc.

We suggest taking a near by sold comp and use its base price. Identify all of the important changes to bring the subject property up to your standards, assign these improvements a cost, and deduct this cost from the value of the comp. Use this number as your initial offer and negotiate from this point.

This process unilizes a comp number that the owner may be familiar with as well as the conditions he should be aware of. Keeping it real with out going overboard will help.

Remember this is for your information. There is no benefit to providing the seller with your paperwork other then.....We recognize this price and but there needs to be repairs to bring this home to the same level...This is our number.

Good luck,

The "Eckler Team"

Amy: My answer is no, there is no way to just get your property appraised taking in its condition, not at all. Comps are the start of any evaluation. Appraisers have no better base than anyone else and use the same data (MLS sales and listings) as Realtors. The problem in this case seems to be that your agent only did half a job for you. (Sorry, sometimes one is forced to knock others in the business.) The other half of the job, and the one that your agent probably couldn't do (a lot of appraiser can't do this job well, either) is to evaluate the repairs needed and their cost. Some agents can do this fairly well, as can appraisers. The skill set and experience to do it is DIFFERENT than that of looking up comps and adding and subtracting individual features (such as, a garage is worth so much and should be added to a house that has one when comparing to one without.)

All home inspectors should at least be able to handle the first part of the chore, recognizing needed repairs and improvements. The second half, coming up with an estimate of their costs, is trickier. While I do this estimating for some clients, my base for this is, as it has to be, previous quotes for the same work. Since NO ONE who is not a contractor keeps up with the price of materials TODAY, the people who can give you the MOST ACCURRATE "estimate" are those who will give you a hard quote for the work. (Always assuming that they know what they're doing and are not lowballing you to get the job and then hit you with expensive "changes."

Bottom Line: The way to complete "due diligence" is to get a comp evaluation of houses of similar quality (location, size, age, etc.) and then evaluate the needed repairs, both for type and CURRENT cost to remedy. If this means that you have to consult multiple sources to get truly expert knowledge and hard facts, then this is the "cost of entry" into the game of buying a fixer-upper.

Sorry, I'd lend you my "magic wand," so that all the heavy lifting was done by my genie but he is deeply involved in solving how many troops we need in Iraq and when they will come home. Unfortunately, the hard facts on this one keep eluding him.

Yes. In fact, that's how appraisals are always done. An appraisal can be "as is" or "subject to". But either way, the current condition of the property will be taken into account. Note: While it's possible for you to get an appraisal on your own, it's not advisable. Appraisals are generally ordered by lenders, and they are used in underwriting mortgages. Any appraisal you obtain on your own will not be the same and will not be acceptable for loan purposes. You would pay for another appraisal for your mortgage, and that appraisal could easily have a different appraised value. Any appraisal you get on your own is irrelevant to the mortgage process. (By the same token, if you get an appraisal through a sole source lender - Wells Fargo, Bank of America, etc. - then that appraisal will be in their name and can only be used with them. If you find you can't close with them, due to surprises or delays in underwriting, new program requirements, etc., then you'll start over with someone else. This is one of the many reasons why you're usually better off and have the most flexibility by working with a lender like my company, which lends in our own name but also has the ability to originate loans on behalf of numerous other lenders. The appraisal is in our name, and we can use it anywhere.) A home inspection report will probably be more useful to you than an appraisal. Have you talked about all of this with your Realtor and gotten her perspective? Sometimes people post questions on here that are better discussed with the people already involved. You'd be well advised to discuss this with your Realtor, and perhaps your loan officer. Real estate purchases involve more considerations and strategies than many buyers realize. For instance, if this is an investment property, you'll be limited to a 2% seller contribution toward your closing costs and prepaids. That's one of the many things you, your Realtor, and your loan officer should discuss up front, because fixing contracts or renegotiating after you think have a deal is not quite the same...

Yes you may order an appraisal but you would have to get permission from seller to enter the property and yes the appraiser will take inconsideration all the repairs that are needs. In most appraisals there is also an adjustment for affective age which means the property is graded on how new it appears compared to comps which will play a major roll in the cosmetics you were referring too

Always keep in mind that a property is never worth anymore than someone will pay for it. So good luck on your search and stick to your guns