Refi - bathroom under construction
Are appraisal requirements set by the industry or are they set per appraisal company?
We bought a house in Oct 2008. The place needed to be fully updated. It's not a gut job but we needed a new kitchen, 2 new bathrooms, remove the 1950 wallpaper, etc.
We were ready to refinance the house in June 2009 and the house appraised for $14k more than we paid for it. One bathroom was gutted to the studs and the kitchen had plywood as countertops. We were approved but ended up walking due to a 1/4 point rate hike among other things.
We are trying to refinance again. The kitchen is fine - it is finished except for some trim work and paint. The bathroom has drywall and a tub. We really weren't planning on finishing the bathroom anytime soon. I've been told that it's an industry standard and that we will not get financing from any company if we are under construction. I've been told that as long as we have a toilet and sink that looks like it will be hooked up we'll be fine. Unfortunately that means that we'll have to get the tile work done.
Should I keep calling mortgage companies or is the "no construction" an industry standard now? Thanks!