WebFire;664914 wrote:So he's been there once and told you to paint? Or first visit is Monday?
WebFire;679149 wrote:Mine is tomorrow. Wish me luck.
WebFire;679149 wrote:Mine is tomorrow. Wish me luck.
The only attic access she wants is to reach up and take a picture. She sounds very nice. Hopefully she'll look past some of the things I'm worried about.
FHA only requires what's called a "head and shoulders" inspection of crawlspaces and attics. So, basically, we stick our head in and snap a picture.WebFire;680586 wrote:She's supposed to be there around 3-3:30. She described herself as a grey-haired old lady.
As I posted earlier, FHA is relaxing lots of its previous rules. They've also cut out most barriers to be on the FHA Roster. Sign up and you are all of a sudden an FHA expert. There used to be an entry test and our work was reviewed periodically, but not anymore. Not sure what you mean by general appraisal.WebFire;682327 wrote:Appraisal seemed to go well. She didn't look the place over like I anticipated. Seemed more like a general appraisal. We'll know in a week or so.
WebFire;694862 wrote:My appraisal passed with flying colors. $2k shy of what we wanted, but I think the surrounding sales screwed us on that. The appraisal wasn't much more than a standard one. All the stuff I read did not happen.
No, it screwed us. One of the 3 she chose to use was a foreclosure that sold for $70k. When our friend owned it, they built a new house and sold it for in the 90s. There are shitty, small ranches asking $95+. But they aren't similar to our house (ours is a big old house with character). She had to go to the next town over just to get comparable sales (in size and age), but nothing decent has sold over there recently.Steel Valley Football;694996 wrote: It was a 1004 form with all the proper addendums, which is what HUD requires. The similar surrounding sales are what the value is based on, so the sales couldn't have "screwed" you. The value is what it is based the appraiser's reconciliation of those sales. That's where the line gets blurry regarding value. It's very subjective, which is what opens the door for foul play.
WebFire;695345 wrote:No, it screwed us. One of the 3 she chose to use was a foreclosure that sold for $70k. When our friend owned it, they built a new house and sold it for in the 90s. There are shitty, small ranches asking $95+. But they aren't similar to our house (ours is a big old house with character). She had to go to the next town over just to get comparable sales (in size and age), but nothing decent has sold over there recently.
She even mentioned the trouble she was having with it. Oh well. It got us the refi.
Steel Valley Football;695445 wrote:There's likely more to it than what you are privy to. Beyond that, the sales didn't screw you. If anything, the appraiser didn't reconcile correctly, but I doubt she placed much weight, if any, on the foreclosure comp. That foreclosure comp may have also been an arms-length sale for all you know. It may have been listed and sat on the market just like a regular sale.
I also don't get at all what you are saying about your friend building a new house. Why does that matter?
WebFire;695568 wrote:Haha. Building a house had nothing to do with it. The house that sold for $70k was previously owned by my friend. He built a new house and sold this same $70k house for $90+.
She must have put some weight on the foreclosure. She listed 6 properties total, but chose that one as one of the "official" 3.
dwccrew;695510 wrote:Not sure if this has been suggested already as I am not going to read through every post, but I have encountered this type of thing before. The FHA appraiser is obviously protecting the "investment" of the lender in case of foreclosure. All you need to do is negotiate the price down because of costs you will incur because of repairs you are required to make. I have done it before. I had to replace a septic tank at a property I was investing in. The seller deducted the estimated cost off the purchase price.
Steel Valley Football;695633 wrote:There is no such thing as "official" comps. I think it's a case of you not understanding what you are looking at.
WebFire;695713 wrote:Hence the quotes around official. She has to provide 3, but she also opted to list some additionals for reference. The way the appraisal reads, there are 3 that are used "officially".
I think you are looking into what I am saying too much. I am just implying that there wasn't a good selection of sold houses that compared to ours. When the house for sale down the street that is almost half the size, with less features, is asking more than yours appraised for, it's aggravating.
