TerryRohrer
Elite Member
- Joined
- Aug 13, 2005
- Professional Status
- Certified General Appraiser
- State
- Montana
Refi subject to completion. The tricky part is knowing what "complete" is without plans and specs.
The Premier Online Community for Real Estate Appraisers!
-
Welcome to AppraisersForum.com, the premier online
community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.
Refi on New Construction
- Thread starter HA123
- Start date
- Status
HA123
Freshman Member
- Joined
- Oct 30, 2008
- Professional Status
- Appraisal Management Company
- State
- Ohio
I'll insist on having plans and specs as part of scope of work.
KONA
Member
- Joined
- Aug 16, 2007
- Professional Status
- Certified General Appraiser
- State
- California
Get the plans, cost breakdown and bill of material to determine cost and scope left to complete. This appears to be a "take out" loan to payoff the construction loan as is basically a refinance of the project.
George Hatch
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- California
If this is an FRT you'll need an "as is" value in addition to the "subject to". Is the lender a construction lender or local bank?
- Status