An appraisal that values a property as it will be once documented work is complete, rather than as it stands today. Renovation and construction loans both rely on them.
Fannie Mae HomeStyle, Freddie Mac Choice and other renovation programs and new construction programs.
Subject-to appraisals are RCA’s specialty. Subject-to assignments require reading specifications of repairs, contractor bids, and architectural and engineering drawings. Few appraisers do this work regularly. RCA does nothing else.
For renovation: the specification of repairs, contractor bids, and any consultant reports. For construction: plans and specifications, drawings, and contractor bids. Missing documents are requested before the site visit.