Γιατί αυτό επισημάνθηκε τόσο αργά; Κατανόηση των εκτιμήσεων "ως έχουν" έναντι των εκτιμήσεων "υπόκεινται σε επισκευές" σε δάνεια DSCR
Why Appraisal Terms Like “As Is” vs “Subject To Repairs” Can Delay Your DSCR Loan Approval
One of the most common frustrations in DSCR loan transactions is when a property issue — like termite damage — is raised by the lender αργά in the underwriting process, after a rate has already been locked and closing seems imminent.
That’s exactly what happened recently with Royi and Chen’s loan. Despite receiving a satisfactory appraisal and a confirmed rate lock at 7.47%, the lender flagged a termite-related structural issue after the file moved into final underwriting.
The Borrower’s Concern
“Why was this discovered now? The appraisal was completed two weeks ago.”
“This feels unprofessional.”
These are fair concerns, and the answer lies in how the appraisal was ordered — and how underwriting is layered.
“As Is” vs. “Subject to Repairs” Appraisals — What’s the Difference?
| As Is Appraisal | Subject to Repairs Appraisal |
|---|---|
| Reflects current condition | Assumes certain repairs |
| No repair requirements | Requires repairs |
| Concern raised later | Concern raised earlier |
In Royi and Chen’s case, the appraisal was completed “As Is,” meaning the appraiser observed termite damage but didn’t require repairs. Since no repairs were mandated in the report, the initial underwriters did not escalate the issue.
Why Did the Issue Surface Later?
This question gets asked a lot: “If the appraisal was done two weeks ago, why is this coming up now?”
The answer is in how DSCR loan files are reviewed:
- Κατά τη διάρκεια της initial underwriting, the focus is on confirming LTV, DSCR ratio, income from rent, and title/insurance basics.
- Μετά το κλείδωμα τιμής, the file is escalated to a senior underwriter for final approval.
- The senior underwriter conducts a deeper, more risk-averse review, especially of the appraisal and property condition.
In this final review, any structural issue — even one not flagged for repairs — becomes a deal concern. In Royi and Chen’s case, the termite note in the “As Is” appraisal triggered that concern.
How to Avoid This Situation
- Ask the appraiser to flag any visible damage even in an “As Is” appraisal.
- Proactively order a termite or general inspection, especially in older homes or warm-weather states.
- Confirm the lender’s preference for appraisal type early in the process.
- Have open communication with your processing team before locking the rate.
Τελική σκέψη
Delays due to appraisal review don’t always signal poor underwriting — they often come down to process flow and risk mitigation. “As Is” appraisals can help speed up the process, but they carry the risk that serious issues won’t be addressed until late in the game.
For more about how termite issues can affect DSCR loan closings, read this detailed case breakdown:
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