An Odd Question (I hope)

**themeatmanlandry** · 06-13-2008, 12:26 PM

Here's my situation:

-I am under contract to buy a house

-In the contract, I am allowed an allowance for certain things, and I am upgrading the plumbing fixtures, lighting fixtures, appliances and flooring.

-If I install upgrades and walk away, I forfeit the upgrades

-I have offered $303,000, and it has been accepted

-I am putting around $7-8K in upgrades in this home

Question: When the appraisal is complete, can I reasonably expect that this home should appraise for at least $311,000 (303L plus the 8K I'm putting in)?

Am I crazy, or is it this simple?

The reason I ask is this: I wanted to have the home appraised *before* I poured my money in, but the agent (mutual representative for both seller and buyer) said to wait until the house is almost complete. I say, if the house has MY upgrades in it, it had better damned well appraise for sale price PLUS upgrades.

Quick replies might serve to soothe my shattered nerves, so I appreciate any responses.

**jamesww** · 06-13-2008, 03:04 PM

Originally Posted by themeatmanlandry

Here's my situation:

-I am under contract to buy a house

-In the contract, I am allowed an allowance for certain things, and I am upgrading the plumbing fixtures, lighting fixtures, appliances and flooring.

-If I install upgrades and walk away, I forfeit the upgrades

-I have offered $303,000, and it has been accepted

-I am putting around $7-8K in upgrades in this home

Question: When the appraisal is complete, can I reasonably expect that this home should appraise for at least $311,000 (303L plus the 8K I'm putting in)?

Am I crazy, or is it this simple?

The reason I ask is this: I wanted to have the home appraised *before* I poured my money in, but the agent (mutual representative for both seller and buyer) said to wait until the house is almost complete. I say, if the house has MY upgrades in it, it had better damned well appraise for sale price PLUS upgrades.

Quick replies might serve to soothe my shattered nerves, so I appreciate any responses.

Unless you chose a hideous color scheme or miss matched styles the 7-8,000 you put down won't make a difference on wheather the home appraises out. And if it is on the boarder the builder is not going to take a chance on not having it close they will most likely reduce the purchase price to the appraised value via an addendum. I would't be to concerned about it. The builder can't get anymore for the home than it is appraised for from anyone else getting a loan. Hope this reduces the stress level for you.