An appraiser for a distressed townhome has instructed the owner to get three licensed contractors to bid on

Asked by Robert Jones, Jacksonville, FL Wed Jan 28, 2009

the rehab of the property and that they will use these averaged bids as a "cost to cure" for the appraisal. Does the appraiser use 100% of the detirmined cost to cure? The rehab may be an overimprovement for the neighborhood since much is "new".

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Lisa Reeves, Agent, Tampa, FL
Wed Jan 28, 2009
The "cost to cure" while an improvement should be covering structual items or replacing non-usable items. Overimprovement usually is in regards to putting in granite countertops when all the neighbors have formica. If it is something that the appraiser has to get estimates for they have guidelines that help them with the bids. The bids themselves should also contain information about the products in general that will be used. i.e. installation of a sink will usually the brand and dimensions for the product. So appraiser will be able to see if the bids are real replacement or improved product.
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Larry Atwell, , Amelia Island, FL
Wed Jan 28, 2009
Hi Mr. jones,
This would depend on the guidelines the appraiser was having to abide by in determining cost to cure. The appraiser could tell from the estimates on the improvements whether or not it excessed the community norm.

Larry Atwell
c-ph 904-710-1574
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