Can I Get My Home Appraised In Philadelphia Without My Kitchen In Tack?

Asked by Tyrone Gray, Philadelphia, PA Sun Apr 28, 2013

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Wes Costello’s answer
Wes Costello, , Philadelphia, PA
Mon Apr 29, 2013
I am a PA and NJ real estate appraiser who has run an appraisal department for a lender and I am a loan originator.

You can have any type of real property appraised in any condition. A vacant lot can be appraised based on the hypothetical condition that a 3,000 sq. ft. house be built on it. A house can be appraised to determine what the value of the house was 15 years ago. So almost any scenario can be appraised.

If the appraisal is for lending however, only certain conditions will be acceptable to the lender. 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
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Carol Cei, Agent, Maple Glen, PA
Sun Apr 28, 2013
Yes, you can Tyrone. You have two choices:

1. If you want to know the vaue of your home as it is, it will be valued with the kitchen incomplete.

2. I you want you want to know what your home will be worth with the kitchen fixed, ask for the appraisal to be "subject to completion". The value will be higher then.

Good luck

Carol Cei
ReMax hall of Fame and Platinum Club
5 Star Processional
ReMax Action Realty
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