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! Wed, 08 Sep 2010 21:57:42 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9448 Dan Connolly Thu, 19 Aug 2010 00:13:59 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9448 Sorry for the delay, I usually get an email when I get a comment, but I either didn't get it or missed it somehow! The inspector may be interested in your receipts etc. (I know it probably already happened). The truth of the matter is that every one of them is different, and brings a different view to the table. Some are receptive and some aren't. You have to feel them out and if they seem like they aren't interested, don't push it. This is true for the appraisers as well. After the inspection is complete the appraiser comes in and may have a different idea about the condition of something like the roof, than the inspector has. In any case you provide what information you have and if they seem to be pushing you away, then back off and let them finish without any imput. Sorry for the delay, I usually get an email when I get a comment, but I either didn’t get it or missed it somehow!

The inspector may be interested in your receipts etc. (I know it probably already happened). The truth of the matter is that every one of them is different, and brings a different view to the table. Some are receptive and some aren’t. You have to feel them out and if they seem like they aren’t interested, don’t push it. This is true for the appraisers as well. After the inspection is complete the appraiser comes in and may have a different idea about the condition of something like the roof, than the inspector has. In any case you provide what information you have and if they seem to be pushing you away, then back off and let them finish without any imput.

]]> By: Nicole http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9438 Nicole Sun, 15 Aug 2010 23:29:01 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9438 Thanks Dan for answering so quickly! Sure you don't want to move to Michigan and sell my house. :) Funny I thought it was all one but upon further "inspection" (sorry couldn't help myself) it is the buyers inspector. Now do they turn their inspection to FHA then they send out an appraiser? The second inspection we are paying for is tomorrow morning. Would it be helpful to have some of our receipts and info on the house for the inspector. Some of the things the other inspector said wasn't true and we have prove. Should we leave that for the inspector? The agent? The buyer? Thanks Dan for answering so quickly! Sure you don’t want to move to Michigan and sell my house. :)

Funny I thought it was all one but upon further “inspection” (sorry couldn’t help myself) it is the buyers inspector. Now do they turn their inspection to FHA then they send out an appraiser? The second inspection we are paying for is tomorrow morning. Would it be helpful to have some of our receipts and info on the house for the inspector. Some of the things the other inspector said wasn’t true and we have prove. Should we leave that for the inspector? The agent? The buyer?

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9433 Dan Connolly Sun, 15 Aug 2010 03:22:45 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9433 That would be a good place to start. I am a packrat so I keep everything for years. A lot of people shred after 2 or 3 years. That would be a good place to start. I am a packrat so I keep everything for years. A lot of people shred after 2 or 3 years.

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9432 Dan Connolly Sun, 15 Aug 2010 03:19:02 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9432 When you say FHA inspection do you mean the FHA appraisal? or are you referring to the buyer's home inspection? When you say FHA inspection do you mean the FHA appraisal? or are you referring to the buyer’s home inspection?

]]> By: Nicole http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9431 Nicole Sat, 14 Aug 2010 19:46:12 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9431 Also if you lost your inspection report and can't remember who did it is there any way to track it down on our previous agent side? Do agents keep a copy of our inspection report (3 years ago) of houses they sold? Also if you lost your inspection report and can’t remember who did it is there any way to track it down on our previous agent side? Do agents keep a copy of our inspection report (3 years ago) of houses they sold?

]]> By: Nicole http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9430 Nicole Sat, 14 Aug 2010 19:44:30 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9430 We are sellers in Michigan who are trying to sell our house to someone who is using an FHA loan. The buyers had an FHA inspection performed this week. His report was a huge joke. It was full of crazy things like C/A needs to be replaced (he claimed it was over 15 years old) when it is only 9 years old. Said there was a broken window when it was just the privacy tint on a window facing the neighbor in the kitchen was peeling. How he even made that mistake I don't know? I wish I had been here with him. Anyways because we know half this stuff is CRAZY. We offered to pay for another inspection because the buyer got scared after reading his ridiculous report and didn't want the house. The buyer agreed. I am wondering if this report can be used instead of the crazy one? What are like the top 10 main inspection things FHA looks for in order to agree to the loan? We are sellers in Michigan who are trying to sell our house to someone who is using an FHA loan. The buyers had an FHA inspection performed this week. His report was a huge joke. It was full of crazy things like C/A needs to be replaced (he claimed it was over 15 years old) when it is only 9 years old. Said there was a broken window when it was just the privacy tint on a window facing the neighbor in the kitchen was peeling. How he even made that mistake I don’t know? I wish I had been here with him.

Anyways because we know half this stuff is CRAZY. We offered to pay for another inspection because the buyer got scared after reading his ridiculous report and didn’t want the house. The buyer agreed. I am wondering if this report can be used instead of the crazy one?

What are like the top 10 main inspection things FHA looks for in order to agree to the loan?

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9419 Dan Connolly Thu, 12 Aug 2010 21:27:40 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9419 Normally it has to be either repaired or removed before closing. Typically with these types of requests they will not accept a promise of repair/removal after closing because they do not want to have to enforce the follow up and checking to see if it was completed. Either you will have to get the owner to repair or remove, or you will have to get permission do do either before closing. In the event that they let you remove it you will have to deal with what is left after you remove it. These could be building steps, if there are steps necessary from a door that used to open onto the deck, handrail, removal of all the posts and repair of any gaps in the siding or flashing where the deck used to attach to the house. The other option would be to change the loan to an FHA 203K loan that would let you borrow the money to either deal with removal of the deck or installation of a new deck. Their argument is that the low down payment does not give them enough equity to do these repairs if they let you close without the repairs and you never made the repair and let it foreclose. Normally it has to be either repaired or removed before closing. Typically with these types of requests they will not accept a promise of repair/removal after closing because they do not want to have to enforce the follow up and checking to see if it was completed. Either you will have to get the owner to repair or remove, or you will have to get permission do do either before closing. In the event that they let you remove it you will have to deal with what is left after you remove it. These could be building steps, if there are steps necessary from a door that used to open onto the deck, handrail, removal of all the posts and repair of any gaps in the siding or flashing where the deck used to attach to the house.

The other option would be to change the loan to an FHA 203K loan that would let you borrow the money to either deal with removal of the deck or installation of a new deck.

Their argument is that the low down payment does not give them enough equity to do these repairs if they let you close without the repairs and you never made the repair and let it foreclose.

]]> By: Katie Brewer http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9418 Katie Brewer Thu, 12 Aug 2010 20:12:47 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9418 We just had an appraiser come out to the home we are wanting to buy. The bank accepted our offer and all the paper work is done, but after the appraiser looked at the home he decided to inform us that the deck needs repaired when we clearly stated that we are just going to tear it down because it's unusable. Can't we just sign a waver stating that we won't sue if we are injured by the deck? We just want to close on this but the deck is stalling us when we are just going to tear it down. Thank you!! We just had an appraiser come out to the home we are wanting to buy. The bank accepted our offer and all the paper work is done, but after the appraiser looked at the home he decided to inform us that the deck needs repaired when we clearly stated that we are just going to tear it down because it’s unusable. Can’t we just sign a waver stating that we won’t sue if we are injured by the deck? We just want to close on this but the deck is stalling us when we are just going to tear it down.

Thank you!!

]]> By: Dan Connolly http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9413 Dan Connolly Tue, 10 Aug 2010 19:19:19 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9413 The document that would answer these questions would be the contract for purchase of the property, and all I can give you is some ideas based on how things generally go. When you have an inspection and an FHA appraisal, the repairs that are suggested by the inspector and required by the appraiser are NORMALLY not assigned to one party (like the Seller) to repair. The appraiser is stating that they will not make the loan unless the items are either repaired prior to closing, or included in a rehab loan and addressed by the Buyer after closing. The appraiser normally does not say who does the repairs. Typically your contract will specify what your rights are under the inspection contingency. I think if your Realtor doesn't know the answers to these questions then you should call the Broker of his company and discuss your options with him (or her)! The document that would answer these questions would be the contract for purchase of the property, and all I can give you is some ideas based on how things generally go.

When you have an inspection and an FHA appraisal, the repairs that are suggested by the inspector and required by the appraiser are NORMALLY not assigned to one party (like the Seller) to repair. The appraiser is stating that they will not make the loan unless the items are either repaired prior to closing, or included in a rehab loan and addressed by the Buyer after closing. The appraiser normally does not say who does the repairs.

Typically your contract will specify what your rights are under the inspection contingency. I think if your Realtor doesn’t know the answers to these questions then you should call the Broker of his company and discuss your options with him (or her)!

]]> By: Sarah http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/comment-page-3/#comment-9412 Sarah Tue, 10 Aug 2010 18:33:57 +0000 http://www.realty4atlanta.com/the-fha-appraisal-which-homes-qualify-for-fha-loans/#comment-9412 We are scheduled to close on a REO home this Friday. After an appraisal and inspection, the listing agent is still not getting us answers like: 1. the thermastat does not work, are they required to fix this? 2. There are electrical units not in approved electrical boxes (they are literally just hanging out, taped together with electrical tape). Is this FHA approved? 3. The deck is 100% not up to code. Is the bank required to fix this prior to close? 4. there are 4 leaks in the attic, are those FHA required fixes? 5. the heating and a/c show "signs of heavy rust" in our inspection. Are they required to service and clean these? We are frustrated beyond belief b/c our "realtor" has never dealt with this sort of situation, and frankly does not have a clue what to do and what questions to ask. Can anyone simply point me to the FHA requirements, or even tell me the answer to my above questions? THANK YOU!!! We are scheduled to close on a REO home this Friday. After an appraisal and inspection, the listing agent is still not getting us answers like: 1. the thermastat does not work, are they required to fix this? 2. There are electrical units not in approved electrical boxes (they are literally just hanging out, taped together with electrical tape). Is this FHA approved? 3. The deck is 100% not up to code. Is the bank required to fix this prior to close? 4. there are 4 leaks in the attic, are those FHA required fixes? 5. the heating and a/c show “signs of heavy rust” in our inspection. Are they required to service and clean these?
We are frustrated beyond belief b/c our “realtor” has never dealt with this sort of situation, and frankly does not have a clue what to do and what questions to ask. Can anyone simply point me to the FHA requirements, or even tell me the answer to my above questions?
THANK YOU!!!

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