Financing in 19122>Question Details

Tyrone Gray, Home Owner in Philadelphia, PA

Can I get my home appraised In Philadelphia for a loan, without my kitchen Installed?

Asked by Tyrone Gray, Philadelphia, PA Mon Apr 29, 2013

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You can always have it appraised but keep in mind that "drive-by appraisals" are no longer acceptable and the appraiser will need to gain access to your home and document what is(or isn't) there with photographs. The absence of a functional kitchen will obviously affect the value of the home.

Just keeping it real!

0 votes Thank Flag Link Mon Sep 22, 2014
Of course you can.
Call an appraiser, write them a check and they will place an appraisal in your hand.

The real question that must be asked, and will be asked by the appraiser is, "What is the purpose of the appraisal?"

A 1.2 million dollar home could easily have a $80,000 kitchen. Not only would this value be absent from the appraisal, there would be a 'hole' in the report that will reflect a negative number. The missing kitchen could result in a $100,000 reduction in the value. Further, the pool of buyers who can provide and assurance of closing will be significantly reduced.

Don't expect Chase to see this transaction through to the end.

You most certainly CAN hire a appraiser to produce an appraisal for your property.
0 votes Thank Flag Link Mon Sep 22, 2014
PS: regarding whether you can get a "loan" is entirely up the the BANK and the appraisal pool they rely on. Your REALTOR is the best resource for a referral to a lender who CAN provide financing and will stay on board clear to the closing. I would advise you not to allow the FHA or VA process dictate the outcome for you.
Flag Mon Sep 22, 2014
Hi Tyrone,

I can only think of probably two ways to go about it.
One is the FHA 203K loan program which helps with the cost of fixing up the kitchen and other is
to go it all cash. But last I recall, no bank will loan on a purchase of home with out
the kitchen being ready. Call your lender/mortgage broker and ask for the
special financing programs that still exist.

Good Luck,
Rosa Delany,
Miami, FL
0 votes Thank Flag Link Mon Apr 29, 2013

A home without a usable condition will not be acceptable for FHA, Conventional, VA, or most other forms of financing. Unless you wait for the kitchen to be rebuilt and in working condition, the appraiser will need to do the report subject to this conditon and then charge you to go back out and confirm and report that the work has been done before you can close your loan.

There are some exceptions. For example, FHA does not require there to be a working stove. Most people are surprised by this. But the kitchen does need to be in safe and working order otherwise.

One way that you could close on a mortgage with the kitchen torn apart is with an FHA 203k mortgage. This would provide the money for the renovation. I have done a 203k on my own home, appraised them, and lended on them.

Let me know if I can clarify any of these statements.

Wes Costello
AnnieMac Home Mortgage
PA Appraisal Certifcation RL139711
MLS # 1014781
0 votes Thank Flag Link Mon Apr 29, 2013
That would be like trying to sell a car that wasn't running;
If you could, it wouldn't be worth what you want it to.
0 votes Thank Flag Link Mon Apr 29, 2013
I would guess that the bank would not allow a loan on an unfinished house.
0 votes Thank Flag Link Mon Apr 29, 2013
I don't need guesses, thank you anyway!!!
Flag Mon Apr 29, 2013
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