Remodeling

[KenAZ]

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?

 

[Tim The Enchanter]

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]

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]

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]

Call the lender and see what they want first.

 

[Don Clark]

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.