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Does the house itself matter?
Hi there,
My fiance and I are looking to build a house. His parents have 50 acres of land. They are willing to give us 10 acres to build on in our name. The bank needs to do an appraisal on the land before they can divide it out, due to the fact that there is a mortgage on the land. My future in laws recently ripped up the floors in their house to put down new hardwood and tore apart their kitchen as they are redoing that as well. My question is: when they come to do the appraisal of the land will they look at the condition of the house to get an accurate number? Structurally, it's great. If they do look at the house, how much will the floors and kitchen affect the total outcome?
Sorry if this is confusing!
3 Answers
- ?Lv 51 decade agoFavorite Answer
Don't worry about the work your parents are doing on the house. The appraiser is going to be able to tell they are installing new floors and doing a kitchen remodel. It's not going to affect you like you are thinking it will
- dreamgirlLv 51 decade ago
They will appraise the house "as is" along with 40 acres then they will appraise the 10 acres separately with no improvements. (if I understand the question correctly) floors and kitchen is a "biggy" and will have a dramatic adverse effect on value. Most banks would just have the 40 acres appraised to make sure there is still enough equity to cover the present mortgage.
Source(s): I'm an appraiser - Leo FLv 51 decade ago
The appraisal can be subject to repairs and completion, the loan will not close until complete or it can be as is, the day of the appraisal.
Source(s): Certified Appraiser