Comments on: The FHA Appraisal – Which Homes Qualify for FHA loans? http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/ Search for homes for sale with no registration required! Fri, 12 Mar 2010 03:32:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8864 Dan Connolly Fri, 12 Mar 2010 03:32:11 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8864 Gwen, Normally I think you do the inspection first and then the appraisal. The reason is, why pay for the appraisal if you can't reach agreement on the inspection? The reason for the inspection to be done first is that the inspection is in your control so you can hopefully get it done quickly. The appraisal takes longer to complete. But all that being said, I wouldn't do either until you get a signed contract from the seller. Who told the lender you were under contract? Gwen,
Normally I think you do the inspection first and then the appraisal. The reason is, why pay for the appraisal if you can’t reach agreement on the inspection? The reason for the inspection to be done first is that the inspection is in your control so you can hopefully get it done quickly. The appraisal takes longer to complete.

But all that being said, I wouldn’t do either until you get a signed contract from the seller.

Who told the lender you were under contract?

]]> By: Gwen http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8863 Gwen Fri, 12 Mar 2010 02:47:52 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8863 Hi Dan, Thank-you for your first fast reply. Heres another question for you. We wrote an offer on the house based on the appraisal. Our loan officer called and said I hear you have an accepted offer, I was happy, this was 2 days ago. My agent is going out of town for a week so I e-mailed her and asked her for my Ecrow number and the name of the escrow officer. She e-mailed me back and said the sellers agent has not been able to contact the seller yet. I e-mailed the loan officer and asked her not to order the appraisal till we have an accepted offer. The seller also needs time to find another house since her husband lost his leg and can't go upstairs. I do not want to pay for an appraisal unless we are in a contract. Your thoughts please??? Hi Dan, Thank-you for your first fast reply. Heres another question for you. We wrote an offer on the house based on the appraisal. Our loan officer called and said I hear you have an accepted offer, I was happy, this was 2 days ago. My agent is going out of town for a week so I e-mailed her and asked her for my Ecrow number and the name of the escrow officer. She e-mailed me back and said the sellers agent has not been able to contact the seller yet. I e-mailed the loan officer and asked her not to order the appraisal till we have an accepted offer. The seller also needs time to find another house since her husband lost his leg and can’t go upstairs. I do not want to pay for an appraisal unless we are in a contract. Your thoughts please???

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8849 Dan Connolly Wed, 10 Mar 2010 17:09:29 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8849 It sounds like you have a pretty good chance of appraising for the sales price, but you really never know. I have seen homes with plenty of good comps come in low and have seen homes with no comps appraise over the list price. It just depends on the appraiser and the exact data he is looking at. It sounds like you have a pretty good chance of appraising for the sales price, but you really never know. I have seen homes with plenty of good comps come in low and have seen homes with no comps appraise over the list price. It just depends on the appraiser and the exact data he is looking at.

]]> By: Aaron Fecay http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8842 Aaron Fecay Wed, 10 Mar 2010 04:55:48 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8842 We have had our offer accepted on a forcloser home that sold in 2006 for 195,000. It was a highest and best offer of 108,000 when the home was listed at 89,999. It is a little bit bigger than some most of the other homes in the area at 2400 sq/ft with 4 bedrooms and has 3 full bath as opposed to 2 1/2 bath. It has all appliances and is in move in condition. The comps for the past 6-9 months are any where from 80-165 but if you go from the past 3-6 months the forclosers are being sold for 80-90 but are destroyed inside, even some missing the central air units. Do you think my home would stand any advantage? Sorry so long, and thanks for the help We have had our offer accepted on a forcloser home that sold in 2006 for 195,000. It was a highest and best offer of 108,000 when the home was listed at 89,999. It is a little bit bigger than some most of the other homes in the area at 2400 sq/ft with 4 bedrooms and has 3 full bath as opposed to 2 1/2 bath. It has all appliances and is in move in condition. The comps for the past 6-9 months are any where from 80-165 but if you go from the past 3-6 months the forclosers are being sold for 80-90 but are destroyed inside, even some missing the central air units. Do you think my home would stand any advantage? Sorry so long, and thanks for the help

]]> By: Aaron Fecay http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8841 Aaron Fecay Wed, 10 Mar 2010 04:48:25 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8841 I am in the process of purchasing my first home and have had many of the same questions, I would just like to say thank you for having this blog. I think some of this information will help my wife sleep I am in the process of purchasing my first home and have had many of the same questions, I would just like to say thank you for having this blog. I think some of this information will help my wife sleep

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8826 Dan Connolly Mon, 08 Mar 2010 18:31:52 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8826 As far as I know, as long as the heating system is installed to code, it doesn't have to be central heat. I also don't think you are required to have central air. In homes that don't have it, there has to be windows that open in each bedroom (with A/C or not) and there have to be screens. As far as I know, as long as the heating system is installed to code, it doesn’t have to be central heat. I also don’t think you are required to have central air. In homes that don’t have it, there has to be windows that open in each bedroom (with A/C or not) and there have to be screens.

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8825 Dan Connolly Mon, 08 Mar 2010 18:28:44 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8825 Well the contract will control what you are required to do. In GA the FHA addendum has a blank for what the property must appraise for, and states that you don't have to close without penalty unless it appraises for that amount. Most agents put the sales price in there. I think the FHA addendum in most states does not require you to close if the property does not appraise. But look at the contract to be sure. If it appraises for less than the agreed price I would ask the seller to sell for less, to start. Once it appraises for a certain price nobody will be able to buy with an FHA loan for more than that price for 18 months unless they pay the difference out of pocket. 9 times out of 10 the seller will reduce unless they owe more than it appraises for. If they refuse you could then consider paying over the appraised price. Well the contract will control what you are required to do. In GA the FHA addendum has a blank for what the property must appraise for, and states that you don’t have to close without penalty unless it appraises for that amount. Most agents put the sales price in there. I think the FHA addendum in most states does not require you to close if the property does not appraise. But look at the contract to be sure.

If it appraises for less than the agreed price I would ask the seller to sell for less, to start. Once it appraises for a certain price nobody will be able to buy with an FHA loan for more than that price for 18 months unless they pay the difference out of pocket. 9 times out of 10 the seller will reduce unless they owe more than it appraises for. If they refuse you could then consider paying over the appraised price.

]]> By: Gwen http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8814 Gwen Sun, 07 Mar 2010 22:17:31 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8814 Hi Dan, We wrote an offer for a home at $155,000. The list agent says the comps are around that price but our agent did not get proof of that. The seller countered at $165,000. My husband wants to counter back at $160,000. We are worried the FHA Appraisal will come in lower, then the offered price, Are we then obligated to pay to pay the above prive out of pocket. We can pay out of pocket up to $10,000. What do you suggest?? Hi Dan, We wrote an offer for a home at $155,000. The list agent says the comps are around that price but our agent did not get proof of that. The seller countered at $165,000. My husband wants to counter back at $160,000. We are worried the FHA Appraisal will come in lower, then the offered price, Are we then obligated to pay to pay the above prive out of pocket. We can pay out of pocket up to $10,000. What do you suggest??

]]> By: Vicki H. http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8803 Vicki H. Sat, 06 Mar 2010 18:13:22 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8803 Hi Dan, Can a person get an FHA loan on a house that they are buying that does not have central heat and air? Hi Dan,
Can a person get an FHA loan on a house that they are buying that does not have central heat and air?

]]> By: Renee http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-2/#comment-8781 Renee Fri, 05 Mar 2010 02:00:43 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-8781 Hi- I just bought my home in Oct. 2009 and now need to sell it. We have an offer that we are dealing with right now but having appraisal issues. I am being told that FHA has a rule that if an appraisal has been done wth in the last 6 months a new one can't be done. Is this true??? We have made several improvments to the house and feel that it would appraise slightly higher then when we purchased it. Thanks Hi-
I just bought my home in Oct. 2009 and now need to sell it. We have an offer that we are dealing with right now but having appraisal issues. I am being told that FHA has a rule that if an appraisal has been done wth in the last 6 months a new one can’t be done. Is this true??? We have made several improvments to the house and feel that it would appraise slightly higher then when we purchased it.

Thanks

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