Stove requirement

[Norcal Matt]

Hello, we just got the appraisal report back via our lender and it has been made "subject to the installation of a functioning stove/range"...this is a conventional loan.

The seller...bank owned...will not allow any repairs prior to close and our lender will not ask the appraiser to alter the condition.

How on earth is it that the lack of a $500 stove can scupper this whole deal? Does anybody have experience of this issue at all or any advise on how to resolve it?

From what I have read by searching this site, the appraiser had no way of checking the 220v supply because of the lack of a stove and so was exposed to a potential lawsuit hence the requirement. With this in mind, surely the seller will experience this issue with any other appraisal and it is therefore in their interest to allow us to put in a functioning stove. Obviously this is a bank we are dealing with so common-sense doesn't always come into it!

Thank you for any suggestions or replies that I may recieve.

Matt

 

[CANative]

I would never condition an appraisal on the lack of an item of personal property. Some appraisers lack common sense.

 

[gojira]

Buy an electric test meter for $30ish and show the appraiser that the 220 works (assuming it does work).

 

[The Warrior Monk]

The issue could be some municipalities may require a stove prior to the issuance of a Certificate of Occupancy. Even when I bought my own home, which was new at the time, there were no appliances included...except for the stove, which the builder needed to get the CO.

 

[Norcal Matt]

Our lender contact has emailed us to say that they are contacting the appraisal support department to ask the appraiser to reduce value and make the report “as is”.

 

[Norcal Matt]

The issue could be some municipalities may require a stove prior to the issuance of a Certificate of Occupancy. Even when I bought my own home, which was new at the time, there were no appliances included...except for the stove, which the builder needed to get the CO.

This is happening in Sacramento on a foreclosed property. I presume the last occupier removed the stove.

 

[Ca Ar Independent]

In my experience, the stove issue has been a lender specific requirement. Some lenders require a working cooking appliance and others do not. Some will require only the space for a cooking appliance. Why won't the lender make this a "post funding" condition and then you can close, put in a stove and move on? The seller is not interested in doing anything except move this property off the books, and this is why many of these deals are cash. I'd say your options are 1) ask about a post funding condition 2) ask the listing AGENT if you can bring in a stove (assuming no "repairs" are required to get it to work) 3) get a new lender 4) pay cash.

 

[JTip]

$100 + Craigslist = stove

 

[Michigan CG]

Appraiser = idiot.

 

[Meandering]

I've always colored outside the lines.........so......

If you are going to buy the house anyway, why not get a stove and plug it in? You are not "installing" a stove, you are plugging it in.

If you choose not to go through with the loan, take your stove with you.

From what I have read by searching this site, the appraiser had no way of checking the 220v supply because of the lack of a stove and so was exposed to a potential lawsuit hence the requirement.

I have a $30 circuit tester from Radio Shack. It's a ton lighter on the pocket then a $500 stove.

Requiring a stove in order to test the circuit is so idiotic that it sounds like some AMC imposed stipulation.

Just my two cents.


.