FHA New Construction - fridge not yet installed

[eyches]

I am appraising a new build FHA townhome where all appliances except the fridge have been installed. As I understand it, appliances are required to be installed and operational if they contribute to market value. The fridge and blinds are to be installed closer to closing. As this is a new home with the fridge in the contract, it seems that the fridge does add to the value. My question is if I need to reinspect just to confirm that the fridge is installed or simply note that it has yet to be installed.

 

[shrubberyvaluation]

I am appraising a new build FHA townhome where all appliances except the fridge have been installed. As I understand it, appliances are required to be installed and operational if they contribute to market value. The fridge and blinds are to be installed closer to closing. As this is a new home with the fridge in the contract, it seems that the fridge does add to the value. My question is if I need to reinspect just to confirm that the fridge is installed or simply note that it has yet to be installed.

That is the lender's call.

 

[J Grant]

I am appraising a new build FHA townhome where all appliances except the fridge have been installed. As I understand it, appliances are required to be installed and operational if they contribute to market value. The fridge and blinds are to be installed closer to closing. As this is a new home with the fridge in the contract, it seems that the fridge does add to the value. My question is if I need to reinspect just to confirm that the fridge is installed or simply note that it has yet to be installed.

Usually, the standard is 98% complete and i don't; recall an FHA rule that appliances must be included in a purchase ( but please check it yourself _)

A fridge that anyone can buy at Home Depot is hardly going to affect value -beyond a marginal amount not possible to measure -

 

[Tom D]

unless far away, easy money. lender can have borrower now take photo and say it be there. stove gotta be in, like above not sure about fridge needing reinspction. but then you have a unhappy buyer if you included it and it never arrives. but lender can escrow.

 

[Tom4value]

Usually, a refrigerator is considered personal property. I have let many properties go without one, even for FHA. However, if it is noted in the P&S, I do condition for it, as I know that the underwriter will.

 

[shrubberyvaluation]

unless far away, easy money. lender can have borrower now take photo and say it be there. stove gotta be in, like above not sure about fridge needing reinspction. but then you have a unhappy buyer if you included it and it never arrives. but lender can escrow.

I've done new construction under contruction for a hard money lender and they never had me do a final for the completion of the dwelling. I suppose they could of had others do it, but I'm not privy to that information.

 

[J Grant]

Usually, a refrigerator is considered personal property. I have let many properties go without one, even for FHA. However, if it is noted in the P&S, I do condition for it, as I know that the underwriter will.

? I have never heard of UW conditioning for an appliance just because it is in a sale contract.-i suppose anything is possible

 

[sputnam]

Also, FHA doesn't require that appliances be there. It requires that IF appliances are in place, they have to be in working order.

 

[Tom D]

I've done new construction under contruction for a hard money lender and they never had me do a final for the completion of the dwelling. I suppose they could of had others do it, but I'm not privy to that information.

hard money is commercial lending. maybe they went out themselves.

? I have never heard of UW conditioning for an appliance just because it is in a sale contract.-i suppose anything is possible

yes, never know how well underwriter looks at the minutia. stove and dishwasher for sure now, guess the fridge is now part of the kitchen cabinets. i would note it in new construction if it's part of the specifications.

 

[Zoe]

I am appraising a new build FHA townhome where all appliances except the fridge have been installed. As I understand it, appliances are required to be installed and operational if they contribute to market value. The fridge and blinds are to be installed closer to closing. As this is a new home with the fridge in the contract, it seems that the fridge does add to the value. My question is if I need to reinspect just to confirm that the fridge is installed or simply note that it has yet to be installed.

No. If it is in the contract then you could. But unless it is like built in Q2 or above construction?

No, I would let it go. Your talking like $1K on personal property? No