So my appraiser just called me....

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Mortgage and Lending with Wells Fargo Home Loans

Ok, I know this is asking a lot from people but,...

When some one tells you something, Listen.

When you get something in writing, Read it.

My appraiser just called me to ask me if I knew the property my borrower is buying has no kitchen. "No Kitchen?", I ask.  Yes there are no appliances, only a few cabinets, no sink, no plumbing, and an under counter dishwasher that is not under a counter.

This is after explaining to my borrower who asked about Bank Owned/HUD/As Is properties, they need to be able to get a satisfactory appraisal.  I told him it has to have the basics in every room, can't be huge holes in the wall, etc. the property has to be habitable as is. 

This is also after explaining and putting in writing on the approval letter to the realtor that the loan is contingent on a satisfactory appraisal.  And after talking to the realtor because she was concerned about the price range and properties that the buyer wanted to see, which I explained the house has to be habitable.

So now I call the realtor and the buyer.  "So my appraiser just called me and basically the house doesn't have a kitchen"

Not surprisingly I get the exact same response from both of them, "Yea.... Why... Is that a problem?"

 

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Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
Okay, so maybe they'll just eat out alot???
Apr 02, 2007 03:32 PM #1
Rainer
14,715
Brian Papaccio
Wells Fargo Home Loans - Newark, DE

I wish I could just work with people who are competent.

See the problem with modest geniuses is that there just are not enough of us in the world

It is amazing how quickly my mood swings from rant to humor.

Apr 02, 2007 03:37 PM #2
Rainer
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Tony Crouch
Insight Real Estate Services, LLC - Mayfield, KY

Brian,

Are kitchens really all that necessary?  I mean a dorm fridge, a microwave, and a trash can.  What more do you need? 

Next thing you know you'll be requiring the bathrooms to have sinks and bedrooms to have closets.  Have you lost your mind man!!

(J/K)  Tony

"We build custom homes for you at less than $25 per square foot.  As long as all you want is 4 walls and a door/window combo."

Apr 05, 2007 10:53 AM #3
Rainer
14,715
Brian Papaccio
Wells Fargo Home Loans - Newark, DE
Well since it is just a hole in the floor for plumbing, I guess the kitchen could double as the bathroom.  I mean come on, it is a guy buying the house, as long as it has a roof (or at least a tarp) we should be good.
Apr 05, 2007 10:56 AM #4
Rainer
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Brian Papaccio
Wells Fargo Home Loans - Newark, DE
Fair Warning to other Realtors.  Houses that have been on the market for long periods of time (180 days or more) may have the value cut by the lender when the appraisal is reviewed in underwriting.  Also some lenders have LTV limits on houses on the market for long periods of time.  This would mean that while they accept the value, your buyer who was approved for 100% financing would now only get 85% financing and have to come up with a 15% down payment or find another house.
Apr 09, 2007 08:19 AM #5
Rainer
14,715
Brian Papaccio
Wells Fargo Home Loans - Newark, DE

And now I find out my borrower just quit his part time job..... the one that made up about 30% of his income... the one that we need to get him approved...

Apr 09, 2007 11:54 AM #6
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Brian Papaccio

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