I am scheduled for an appraisal this week for a refinance on my house.
I don't really have my house "under construction", but I have torn
some of the walls out, put in new insulation and drywall, and that's
all finished including the mudding. I haven't painted yet, it looks
fine to me, I am living in it, but I haven't quite decided what I want
to do, (paint, cork, etc...). I also am in the middle of a project of
fixing one of my bathroom walls. I am a little nervous because when
my mom talked to the appraiser on the phone she was a little proud of
what we did, (joint project) and told the appraiser all the work we
had done, and also mentioned that we planned on completing a lot of
other things. Please keep in mind that the electrical is intact, the
plumbing is intact, the structure is intact, but the appraiser stated
that if the home is "under construction" that the bank would not loan
money on it. I could not get a clear answer about what was considered
"under construction" although the bank said minor projects were okay.
I think these are minor projects, but I am not sure. Does or has
anyone gone through refinancing where the house had a lot of little
projects going on or does the house have to be "market ready?" like
painted completely on the inside, etc?

"DanceRat" wrote in message
om...

I have torn some of the walls out, put in new insulation and drywall,
and that's all finished including the mudding. I haven't painted yet...

I also am in the middle of a project of fixing one of my bathroom walls.

...the appraiser stated that if the home is "under construction" that
the bank would not loan money on it.

I think you've answered your own question.

Here's one way to look at it: Do you think you would be able to sell the
house in its current condition? Or would it be reasonable for the purchaser
to say "Finish the construction work, then we'll talk."

I don't know how things are where you live, but here in north-central New
Jersey, it you intend to do work that involves ripping out walls, you most
definitely need a construction permit before you start, and you need various
inspections during and after the work. If you have a construction permit, I
don't see how you can claim to the bank that your house isn't under
construction. If you don't, you're in even worse trouble.

I would consider "under construction" to be uninhabitable. Of course,
some people live in homes that could be defined as such. I would
consider no paint not to be a problem. Just slap some white primer on
it and call him back if he doesn't like it. Appraisers are supposed to
overlook general disarray and overcrowdedness but most recommend
having your house picture perfect to sway the appraiser into a higher
value. I realize time is of the essence with rates these days, see if
your lender will give you a 30-day lock in on todays rate.



(DanceRat) wrote in message . com...
I am scheduled for an appraisal this week for a refinance on my house.
I don't really have my house "under construction", but I have torn
some of the walls out, put in new insulation and drywall, and that's
all finished including the mudding. I haven't painted yet, it looks
fine to me, I am living in it, but I haven't quite decided what I want
to do, (paint, cork, etc...). I also am in the middle of a project of
fixing one of my bathroom walls. I am a little nervous because when
my mom talked to the appraiser on the phone she was a little proud of
what we did, (joint project) and told the appraiser all the work we
had done, and also mentioned that we planned on completing a lot of
other things. Please keep in mind that the electrical is intact, the
plumbing is intact, the structure is intact, but the appraiser stated
that if the home is "under construction" that the bank would not loan
money on it. I could not get a clear answer about what was considered
"under construction" although the bank said minor projects were okay.
I think these are minor projects, but I am not sure. Does or has
anyone gone through refinancing where the house had a lot of little
projects going on or does the house have to be "market ready?" like
painted completely on the inside, etc?