Factors with negative impact on appraisal

no wires are hanging.  theyre all properly secured in that metal tube casing device.  they are clean cuts of sheetrock because i wanted to replace it with a brick wall.  the cellar is super clean (thats an old picture).

guikazoid

in Appraisals 13 years and 2 months ago

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guikazoid | 13 years and 2 months ago

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http://cdn.brownstoner.com/4f47c014970c7-.jpg

I plan on having an appraisal done in the next few weeks.  Our current home is 3 floors and a cellar. The cellar was completely finished when we bought the house.  Due to some construction (waterproofing work) done, I removed some sheetrock walls.  The floors are still intact.  Will a “semi-finished” cellar affect the appraisal?  Should I make it a priority to put up a wall prior to the appraisal?  Attached is a picture of the wall in the main area.  I also removed the wall in the bathroom.

dnk | 13 years and 2 months ago

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Alright, take this advice with the caveat that I don’t know what the hell I am talking about.   Two years ago we bought a house.  Two appraisals:  the first to get the mortgage (Wells Fargo), some flunky came out, did the whole song and dance (digital photos, walk around, comps, etc) and the appraisal came back for a little above our offer.  So far so good.  Months later, after we bought the place, we applied for a home equity line of credit (also with Wells Fargo, merging w/Wachovia at the time).   They said we needed another appraisal.  At this point, we had done some serious demo — ripped a kitchen out, taken sheet rock down, exposed walls, etc.  A few of our rooms looked like the room in your photo.  We didn’t know what to expect —- another flunky came out, this time some kind of religious fanatic in a skullcap and beard, with cute little curls hanging down one side of his face.  My wife met him at the door, said “hi!” and offered him her hand.  He wouldn’t shake.  He walked through our house acting like it was the scene of the bubonic plague:  he asked my wife to flush toilets, turn on faucets, he wouldn’t touch anything but kept taking pictures of all of the demo.   Then he left.  We thought we were sunk, and to add insult to injury, some whacko fundamentalist appraiser was going to be the agent of our demise.  But the second appraisal came back the same as the first, and we got the line of credit.   So go figure.  I have no idea if our experience is representative of what you might expect.  Good luck though.

callalily | 13 years and 2 months ago

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I LOVE this story.

vthatcher | 13 years and 2 months ago

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Very funny story above 🙂     But as a mortgage broker- The loan can be done with what we consider a “cost to cure”, basicly the appraiser will estimate a cost on the repairs and if they dont exceed $5000- your good- just as long as the “repairs” dont propose a health or safety issue.  If you have exposed wires- its a no no.  My recommendation- Tack up some cheap sheet rock over the studs the day the appraiser comes and make sure that your estimate of reapirs- paint, spackle etc doesnt exceed 5K.    Vanessa Thatcher Senior Loan Officer NMLS# 41404    Atlantic Home Capital 4175 Veterans Memorial Hwy Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113     Website: www.atlantichomecapital.com