Estimated Market Value "As Repaired"

[Carlos Webel]

Hi, 

I have a simple basic question. The appraisal of a property I'm about to close on states the following: "Estimated Market Value = $ XXX "AS REPAIRED"". I'm assuming that this implies that the estimated value suggested is contingent to the repairs necessary to take the property to the same standards as the comps used (ARV).

Question: What if the property needs some mayor repairs? (not the case of this particular one), would an appraiser use the same approach and provide his opinion of the EMV based on "as repaired" (ARV)? or will he just provide his opinion of estimated price based on current conditions?

Rgds, Carlos