I'm buying my father's house. There is a lot of equity in the house, and we are getting it at a great deal considering the market and our area. There is over 36k in equity in the property for what we are wanting. It's older  and he did a shit job of maintaining it. Got it inspected so we know what we need to fix and what we want to fix.
We got the appraisal and got the "subject to" box checked. The items of concern? –"furnace/electrical/plumbing" Literally that was it. Nothing more detailed. Just those broad parts of the home. The lender was confused, when I called the appraiser she seemed confused her self for some reason? We (now I think foolishly) got a bid for replacing the electrical panel and heater using existing ducts. Now, this didn't get written in the updated appraisal, but the lender is telling me if we do what it says on the bid (replace the electrical panel and HVAC) the loan will go through (after another $175 for the appraiser to come back out).
The electrical panel is a weird combination of two systems. I get why they might want that replaced. The heater works. It's worked for a long time and the inspector said it seems fine. It was serviced not long ago so I don't know why it needs to be replaced. We planned on replacing both with some of the money from the loan.
The appraiser did not ask for these items to be replaced before getting the bid sent. The appraiser didn't ask for a bid on how much it would cost to replace them. They just wrote those three categories of a home. It is only after the bid that they supposedly want those specific items be replaced.
It seems to me the appraiser doesn't know fuck-all, and I'm getting fucked by a moron. Am I way off base? Can I appeal to have the appraiser replaced?
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