Criteria to gain a completed appraisal? Light rehab needed on a duplex

[Jim P.]

Mods- I'm not sure where this post should go. Please move it to where ever it needs to be. ====basically its questions regarding minimum criteria needed for a completed appraisal.

All,

I'm in the process of offering on an upstairs/downstairs duplex with sfh. House is currently rented, upstairs also occupied. BUT, one unit needs a small amount of work(carpet was ripped out- hardwood needs sanded/finished), new paint, etc... Not a lot of work(unit is not trashed)--- it just looks bad.

I'm new to this- I don't know what is "appraisable" and not. I'm trying to avoid paying for an appraisal I can't use. Aren't necessarily looking for a million-gajillion dollar appraisal, just a completed appraisal to make my lender happy.

Any thoughts? Also- is there somewhere I can find the guidelines for appraisals? My internet and BP searches aren't turning up anything that covers this specific dilemma.

-Is this something that I may have to do a construction loan or something similar? Still learning about those forms of financing...

-also, I have a general email out to an appraiser==== posting here to get more input while waiting for a response...

thanks,

Jimmy

[Steve Babiak]

An appraisal can be done based on "as is condition" or based on "subject to improvements". Or have both values done at the same time.