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appraiser

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mommy2be716
LIF Adult

Member since 1/16

2921 total posts

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appraiser

im doing a cash out refi and the appraiser is coming today- im a little worried b/c we have a finished basement w/o permits. Is it ok if she sees it?

Posted 3/26/19 1:05 PM
 
Prudential Douglas Elliman Real Estate
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jamnmore
LIF Adult

Member since 6/16

989 total posts

Name:

appraiser

In general, I don't think the appraiser will care. When we bought, we had an illegal kitchen/apartment. The appraisers photos do not clearly define the apartment kitchen.

Posted 3/26/19 1:14 PM
 

mommy2be716
LIF Adult

Member since 1/16

2921 total posts

Name:

Re: appraiser

Posted by jamnmore

In general, I don't think the appraiser will care. When we bought, we had an illegal kitchen/apartment. The appraisers photos do not clearly define the apartment kitchen.



we have a bathroom in the basement too... I'm gonna keep the door closed, but I definitely want her to see it if it means it'll increase the value... we are working with teachers FCU so idk if that makes a difference

Posted 3/26/19 1:21 PM
 

NYCGirl80
I love my kiddies!

Member since 5/11

10413 total posts

Name:

Re: appraiser

Posted by mommy2be716

Posted by jamnmore

In general, I don't think the appraiser will care. When we bought, we had an illegal kitchen/apartment. The appraisers photos do not clearly define the apartment kitchen.



we have a bathroom in the basement too... I'm gonna keep the door closed, but I definitely want her to see it if it means it'll increase the value... we are working with teachers FCU so idk if that makes a difference



The appraiser needs to see the whole house. They will open the door.

That being said, the CU's appraiser is not from the town, so it's unlikely the town will find out you finished the basement from this alone.

Posted 3/27/19 9:44 AM
 

Christine Braun - Signature Premier Properties
LIFamilies Business

Member since 2/11

3992 total posts

Name:

Re: appraiser

It really depends on the bank and the appraiser, but most banks will not care about a finished basement or basement bath. If an appraiser asks about a C/O/legality of something like a basement bath, and there isn't one, normally we say something like "we aren't giving value for that."

With a re-fi, it should be even less of an issue. That said, some lenders (esp credit unions) can be sticklers.

Posted 3/31/19 12:33 PM
 

mommy2be716
LIF Adult

Member since 1/16

2921 total posts

Name:

Re: appraiser

Posted by Christine Braun - Signature Premier Properties

It really depends on the bank and the appraiser, but most banks will not care about a finished basement or basement bath. If an appraiser asks about a C/O/legality of something like a basement bath, and there isn't one, normally we say something like "we aren't giving value for that."

With a re-fi, it should be even less of an issue. That said, some lenders (esp credit unions) can be sticklers.




so she came last week and she took pics of the basement and basement bathroom but never asked if there was a permit. I get the appraisal back sometime this week so we'll see what happens I guess

Posted 3/31/19 7:36 PM
 
 

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