I bought a house owner finance after trying to get it with a loan. I tried it conventional because the loan officer said I could change it to renovation after the appraisal and fix whatever was required.
The appraiser went out, refused to do the appraisal, and left. He told the loan company it was a c4.( I think was the term.) Due to deferred maintenance.
It needed a roof obviously, the carpet was missing, a gutter was missing. I've replaced the roof, put floor down, gutter replaced. I've graded the yard, fixed some siding, fixing the parging on a retaining wall, fixed peeled paint(and fixed the French drain)ect.
The house is in the country outside Knoxville, TN. Built in '84.
What kind of things will an appraiser have an issue with?
1) Unfinished drywall in basement Screws/nails showing, not mudded?
2) Torn insulation in garage ceiling?
3) Electric ran across the face of garage rafters/beams. I can reroute the wire if needed. There is one wire like this that runs diagonally across the entire garage. The rest are tucked up beside my heat/ac ducts down the center of the garage.
4) Quality of flooring. One room has laminate but it has seen better days. It isn't a trip hazard though. I put the commercial style indoor outdoor carpet in the house as temporary flooring after talking to the laminate company and they said I could use it as underlayment for their laminate. The house has a lot of SQ foot to do. I have old 80s parquet in the kitchen but it needs refinished and some of the edges are lifted. I replaced any missing pieces and I expect to replace all of this eventually with vinyl laminate after refinancing.
5) Water heater plumbing is kind of goofy. The wire is regular Romex and runs through the rafters correctly but just runs over the face of it above the water heater.
6) Creaky subfloor. It doesn't move or anything. I'm a big guy (300lb) but it definitely creaks.
7) There are a couple cpvc/PVC pipes in the basement that look like they might have leaked at one time that I plan to fix. Will they have an issue with what would be obviously new fittings where I fix it?
8) I've been replacing the railroad ties steps that go up a hill on the side of the house. Some concrete and some railroad ties. There is no rail beside them but it isn't steps to my house, it just walls up a hill. Is that a problem?
9) Trees. With 3 acres there are trees all over, on the ground, ect. Nothing near the house itself. Do I need to clean the forest up?
I've only bought one house and that was a fixer upper through FHA where the seller let me paint the floors(all carpet was removed) and other stuff and the FHA appraiser questioned it but when the agent told him I had done it and would be doing the floors when I moved in, he shrugged and didn't worry about it.
The house after the repairs is probably worth around $200k in it's current condition and another $50k when I get it 100%. 3 acres and something like 2700 SQ foot up top and about 800 or so worth of finished rooms in the basement(I'm just using it for storage).
I can fix anything, I just need to know what to prioritize.
I can provide pictures if needed.
Thank you so much in advance.
The appraiser went out, refused to do the appraisal, and left. He told the loan company it was a c4.( I think was the term.) Due to deferred maintenance.
It needed a roof obviously, the carpet was missing, a gutter was missing. I've replaced the roof, put floor down, gutter replaced. I've graded the yard, fixed some siding, fixing the parging on a retaining wall, fixed peeled paint(and fixed the French drain)ect.
The house is in the country outside Knoxville, TN. Built in '84.
What kind of things will an appraiser have an issue with?
1) Unfinished drywall in basement Screws/nails showing, not mudded?
2) Torn insulation in garage ceiling?
3) Electric ran across the face of garage rafters/beams. I can reroute the wire if needed. There is one wire like this that runs diagonally across the entire garage. The rest are tucked up beside my heat/ac ducts down the center of the garage.
4) Quality of flooring. One room has laminate but it has seen better days. It isn't a trip hazard though. I put the commercial style indoor outdoor carpet in the house as temporary flooring after talking to the laminate company and they said I could use it as underlayment for their laminate. The house has a lot of SQ foot to do. I have old 80s parquet in the kitchen but it needs refinished and some of the edges are lifted. I replaced any missing pieces and I expect to replace all of this eventually with vinyl laminate after refinancing.
5) Water heater plumbing is kind of goofy. The wire is regular Romex and runs through the rafters correctly but just runs over the face of it above the water heater.
6) Creaky subfloor. It doesn't move or anything. I'm a big guy (300lb) but it definitely creaks.
7) There are a couple cpvc/PVC pipes in the basement that look like they might have leaked at one time that I plan to fix. Will they have an issue with what would be obviously new fittings where I fix it?
8) I've been replacing the railroad ties steps that go up a hill on the side of the house. Some concrete and some railroad ties. There is no rail beside them but it isn't steps to my house, it just walls up a hill. Is that a problem?
9) Trees. With 3 acres there are trees all over, on the ground, ect. Nothing near the house itself. Do I need to clean the forest up?
I've only bought one house and that was a fixer upper through FHA where the seller let me paint the floors(all carpet was removed) and other stuff and the FHA appraiser questioned it but when the agent told him I had done it and would be doing the floors when I moved in, he shrugged and didn't worry about it.
The house after the repairs is probably worth around $200k in it's current condition and another $50k when I get it 100%. 3 acres and something like 2700 SQ foot up top and about 800 or so worth of finished rooms in the basement(I'm just using it for storage).
I can fix anything, I just need to know what to prioritize.
I can provide pictures if needed.
Thank you so much in advance.
