house being re-appraised for PMI deletion-issue with 2nd kitchen?

Question

Hi all!

I live in a 3 story single-family home, which I'm getting re-appraised in hopes of getting rid of PMI. Our basement has a second kitchen. I'm getting rid of the stove, but is there anything I need to be worried about when the appraiser comes? Is there any risk of getting into trouble with the appraiser or bank, or having them retract or change our loan terms? I live in Beacon in Dutchess County, NY. Thanks!

Marc Winter · Answer

Sure, take out the stove (our of the house, not just disconnect it.)  Make sure there are only 1 (ONE) mailbox and one doorbell.  No keyed bedroom locks or hasps with padlocks.

Doubt you'd have trouble with the appraiser or bank--your main concern, which is already clear from your post, is if/when the municipality uncovers the dark secret hiding in your basement.

A bit of advice:  Just make sure all the shackles, gurneys and formaldehyde-filled jars with unrecognizable body parts are not visible, and all bloodstains have been removed.  Pretend it's an open house and have the smell of freshly baked cookies mask the not-so-pleasant aromas.

Dan Weber · Answer

If you remove the stove, mircowave, any cooking equipment, you should be okay. Also, if it is clear that the basement kitchen and living space is part of the first floor and rest of the home, then it should not be a problem. Questions usually arise when the appraiser sees a kitchen, bedrooms, full bathrooms - when the space is clearly set up to be used as a multiple dwelling, as a separate living space.