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Remodeling

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KenAZ

Senior Member
Gold Supporting Member
Joined
Jan 6, 2010
Professional Status
Certified General Appraiser
State
Dom. Republic
This is a VA refi. They just bought the home 2 months ago and already paid $50,000 over market. Thought that maybe this was a highly remodeled home or maybe larger than county records.

Walk into home and it has been stripped down for remodeling. Kitchen gone, flooring gone, Bathrooms gone.

So do I make the appraisal "Subject To" completion of remodeling, or require MPRS repairs only and appraise it in below average condition overall?
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Nice of them to tell you ahead of time. I trust you asked about condition etc when making the appt.
I hate walking into a place and seeing, no kitchen............ Ohhhhhh.............. Bleep............

I don't do VA, but I suppose this warrants a call to them.
Maybe a trip to Youtube to search for Alice Cooper Welcome to my Nightmare.
Good luck.
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
So do I make the appraisal "Subject To" completion of remodeling, or require MPRS repairs only and appraise it in below average condition overall?

No kitchen. no baths. It is not a functional home. I do not do VA. But in this case. It seems that in order to meet minimum property requirements. It would have to be subject to. Installing complete kitchen and baths where there are none is hardly a "repair".
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
This is a VA refi. They just bought the home 2 months ago and already paid $50,000 over market. Thought that maybe this was a highly remodeled home or maybe larger than county records.

Walk into home and it has been stripped down for remodeling. Kitchen gone, flooring gone, Bathrooms gone.

So do I make the appraisal "Subject To" completion of remodeling, or require MPRS repairs only and appraise it in below average condition overall?

Subject to completion of kitchen, flooring and bathrooms. Consider it to be like a new home, under contruction, not yet completed.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Call the lender and see what they want first.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
This is a VA refi. They just bought the home 2 months ago and already paid $50,000 over market. Thought that maybe this was a highly remodeled home or maybe larger than county records.

Walk into home and it has been stripped down for remodeling. Kitchen gone, flooring gone, Bathrooms gone.

So do I make the appraisal "Subject To" completion of remodeling, or require MPRS repairs only and appraise it in below average condition overall?

I have had several of these. In my experience, after I notify the lender and VA, they have cancelled the assignment until the remodeling has been completed. I suggest you immediately notify VA and the lender.
 
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