The problem is that distressed homeowners experiencing financial hardship are unable to make their mortgage payments, leading to the need to sell their propery. C1 Condition Rating: New Construction

The improvements have been recently completed and have never been occupied. The entire structure, along with all its components, is brand new, showing no signs of physical depreciation.

Note: Newly constructed properties that incorporate recycled materials or components can still qualify as new dwellings, provided they are built on a completely new foundation and the recycled elements have been restored or re-manufactured to a like-new condition. However, improvements are not classified as “new” if they exhibit significant physical depreciation, such as those left vacant for extended periods without proper maintenance or care.

C2 Condition Rating: No Deferred Maintenance

The improvements show no deferred maintenance, minimal or no physical depreciation, and require no repairs. Nearly all building components are either new or have been recently repaired, refinished, or restored. Any outdated features or finishes have been updated or replaced with components that meet modern standards. Properties in this category are either nearly new or have been fully renovated to resemble new construction in condition.

Note: These improvements reflect either a relatively new, well-maintained property with no deferred maintenance and minimal physical depreciation or an older property that has undergone a complete recent renovation.

C3 Condition Rating: Limited Deferred Maintenance

The improvements are in good condition with minimal physical depreciation from normal wear and tear. While some components may have been updated or recently repaired, not all major building elements have been replaced. The structure has been consistently well-maintained.

Note: The property is in its initial phase of replacing short-lived components such as appliances, flooring, or HVAC systems and remains well-maintained. Its effective age is estimated to be lower than its actual age. It may also represent a property where most short-lived components have been replaced, though not to the extent of a full renovation.

C4 Condition Rating: Minor Deferred Maintenance

The improvements exhibit minor deferred maintenance and some physical wear typical of normal use. The dwelling has been reasonably maintained, requiring only minimal repairs to building components, mechanical systems, and cosmetic features. All major components have been properly cared for and remain functional.

Note: The effective age of the property is likely similar to its actual age. It reflects a home where some short-lived components have been replaced, while others are nearing the end of their useful life but continue to function adequately. Minor repairs have been addressed as needed, resulting in a property that is adequately maintained overall.

C5 Condition Rating: Significant Deferred Maintenance

The improvements show clear signs of deferred maintenance and require notable repairs. Several building components need repair, rehabilitation, or updating. While the condition affects the functional utility and overall livability, the dwelling is still usable and serves as a functional residence.

Note: Significant repairs are necessary due to insufficient maintenance. The property reflects a state where many short-lived components have reached or surpassed their expected lifespan but remain operational.

C6 Condition Rating: Severe Deferred Maintenance

The improvements exhibit significant damage or deferred maintenance, with deficiencies or defects that compromise the safety, stability, or structural integrity of the property. Extensive repairs and rehabilitation are required, including the repair or replacement of many or most major components.

Note: Major repairs are necessary due to inadequate maintenance or property damage. The property’s condition is severe enough to impact its safety, stability, or structural integrity.

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