When you hear valuations listed as c1,c2,c3,c4,c5, and C6 this is what they reference.
(C1) Excellent: Very well maintained and recently renovated with quality building materials. Homes in this category are new, or have been upgraded to the extent that they are “like new”.
(C2) Good: Well-maintained with no instances of deferred maintenance. Some upgrades and is typical within the market. Homes in this category have been well maintained and updated and appeal to the common buyer looking to purchase a home that lives up to the typical local market standards of quality and appeal.
(C3) Average: Maintained and evidence of normal wear and tear, which typically does not require immediate attention. Homes in this category are typically older than 5-10 years old but can be the oldest house in the neighborhood if well maintained. The home is considered livable and requires no repairs.
(C4) Fair: Lacks maintenance and/or repairs are needed to bring it into average condition. Homes in this category are typically financeable and habitable and require the repairs section to be completed. The repaired price must reflect the price of the home if the repairs were made.
(C5-C6) Poor: Home needs extensive repairs, and is uninhabitable. Homes in this category are not typically financeable and require the repairs section to be completed. The repaired price must reflect the price of the home if the repairs were made.
How your home is viewed can have a big impact on obtaining an approval on a loan for that property.
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Driven to help you succeed,
James Outland Jr Broker Associate James@Outlandinc.com
Outland and Associates Real Estate