Vermonter
Elite Member
- Joined
- Mar 21, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Vermont
A friend is buying a 1850s REO farmhouse with a 203k streamline loan. Repairs are for heat, new well, some siding and windows and new dishwasher and fridge. Kitchen is original with one of those huge 6 foot long porcelain sinks on a cabinet base with dishwasher underneath. Stove is antique wood/gas combo stove in good condition. No other cabinets. Just a large antique work bench looking thing with butcher block top attached to the wall and some open shelves.
First appraiser called it an "original" kitchen, found 2 comps with similar kitchens and adjusted accordingly for the others. Did not mark the adverse conditions field.
Lender called for a second appraisal after the repairs and 1004d were done by the first appraiser. Second appraiser made the kitchen a required repair, marked the adverse conditions field and stated "the kitchen must be brought to modern standards" without further detail.
Friend called the appraiser to get more info and the appraiser stated the lack of cabinets and a wood cookstove were health and safety issues, and I'm quoting- "the kitchen did not meet the minimum requirements to be called a kitchen".
Anybody ever heard of any "minimum kitchen" requirements?
Tried telling my friend to get the appraiser to provide a source for this, but she got nowhere and now the lender is balking as well. I've seen the kitchen and while it's sparse, the sink and stove are in excellent shape and work perfectly. A few antiques staged around and I could see it on the cover of Vermont Life. These types of kitchens are not uncommon around here and really don't impact value as much as you'd think.
First appraiser called it an "original" kitchen, found 2 comps with similar kitchens and adjusted accordingly for the others. Did not mark the adverse conditions field.
Lender called for a second appraisal after the repairs and 1004d were done by the first appraiser. Second appraiser made the kitchen a required repair, marked the adverse conditions field and stated "the kitchen must be brought to modern standards" without further detail.
Friend called the appraiser to get more info and the appraiser stated the lack of cabinets and a wood cookstove were health and safety issues, and I'm quoting- "the kitchen did not meet the minimum requirements to be called a kitchen".
Anybody ever heard of any "minimum kitchen" requirements?
Tried telling my friend to get the appraiser to provide a source for this, but she got nowhere and now the lender is balking as well. I've seen the kitchen and while it's sparse, the sink and stove are in excellent shape and work perfectly. A few antiques staged around and I could see it on the cover of Vermont Life. These types of kitchens are not uncommon around here and really don't impact value as much as you'd think.
