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Old 08-26-2009, 10:56 AM
 
Location: Suffolk County
803 posts, read 1,465,051 times
Reputation: 235

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Quote:
Originally Posted by cyberfly502 View Post
I am in contract to buy a condo now. I am getting an FHA loan through Chase. I had no problem getting the appraisal done. The contract was signed on June 24 and within 2 weeks (I believe it was July 7 or 8) the appraisal was done. I was preapproved and dealing with chase since February when I started my housing search, that might have helped speed things up. The closing is set for next week and everything looks good.

That's great news! Thanks for posting as I am very nervous about getting the appraisal, etc. I don't know why I am so nervous when we already had one done by another bank and it came in good (I'm assuming b/c we never heard anything bad). I guess it's just nervewracking in this market in general today.

Good luck and I hope things keep going smooth for you!
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Old 08-28-2009, 10:40 AM
 
2,356 posts, read 3,676,761 times
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Quote:
Originally Posted by cyberfly502 View Post
I am in contract to buy a condo now. I am getting an FHA loan through Chase. I had no problem getting the appraisal done. The contract was signed on June 24 and within 2 weeks (I believe it was July 7 or 8) the appraisal was done. I was preapproved and dealing with chase since February when I started my housing search, that might have helped speed things up. The closing is set for next week and everything looks good.

How long after the actual appraiser is at the house can you get the appraisal results ?

Anyone have experience with RELS appraisals on long island ? I have seen a lot of lawsuit information on the internet abt how rels and wells fargo did faulty evaluations in the past. Anyone know of a deal dying after the HVCC law being passed this year ?
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Old 08-28-2009, 06:43 PM
 
18 posts, read 71,085 times
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[quote=zulu400;10496580]How long after the actual appraiser is at the house can you get the appraisal results ?

It was not that long. A few days I think. The entire report was emailed to me by my loan officer at Chase.
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Old 09-02-2009, 08:31 AM
 
2,356 posts, read 3,676,761 times
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Quote:
Originally Posted by cyberfly502 View Post
It was not that long. A few days I think. The entire report was emailed to me by my loan officer at Chase.
Thanks for the timeline, I got my appraisal report this week as expected.
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Old 03-29-2010, 11:28 AM
 
6 posts, read 10,759 times
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Now with FHA loans the govt. is actually setting the price for the market and trying to reduce the prices of homes. The govt. is taking over everything. 50% of FHA loans are coming in below current value of the home. People would be stupid to buy with any other form of loan at this point. If you buy conventional you can pretty much kiss your 20% deposit goodbye. It's only going to get worse. I going through it all right now. I speak the truth.
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Old 03-29-2010, 05:33 PM
 
Location: Huntington, NY
7,746 posts, read 10,861,760 times
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[quote=Tom Millerson;13503371 If you buy conventional you can pretty much kiss your 20% deposit goodbye .[/quote]



Could you explain what you mean by "pretty much kiss your 20% deposit goodbye"??
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Old 03-29-2010, 05:36 PM
 
1,290 posts, read 2,568,034 times
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what's a 20% deposit?

I'm not sure how you kiss it goodbye.

if you're insinuating that the FHA appraisials are all coming in under driving down the prices, while a conventional loan is not, and thus you are losing value, I don't really know how you would know this.

I'm glad you told me you speak the truth, how would I know otherwise?
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Old 03-30-2010, 10:47 AM
 
6 posts, read 10,759 times
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The govt is setting market prices right before our eyes. Right now there are two types of loans FHA and conventional. Conventional requires your 20% down and no appraisal or let me rephase that 20% down and a drive bye by your financer. With FHA, it's 3.5% down and the guarantee the govt. appraiser will comp your house (of course at a lower price-50% coming in less then the home listing or agreement). Thus setting market is going on NOW!

You bye a home with conventional and your two neighbor think gee they got a good price on the sale...let's sell ours. They only get FHA appraised buyers and the govt appraiser comes in and says your house is not worth what your neighbor paid, we will only give you 10-15G less then your neighbor. THATS THE PRICE OF THE NEIGHBORHOOD NOW. The conventional buyer is now 10-15 under water in less then a month. Conventional is not the way to go now, trust me. Going through the selling of my home and FHA has just SCREWED me. If you don't believe me now, remember this post a year down the road. I could go on forever. The tax credit their rushing people out to get with a deadline, won't ever cover the loss you will take after FHA is done with the market
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Old 03-30-2010, 10:57 AM
 
6 posts, read 10,759 times
Reputation: 10
By the way, an FHA appraisal stays with your house for 6 months and need to be disclosed. Conventional never needs to be discussed. FHA is the kiss of death for the market and the seller. Yes you may recoup if you sell FHA and bye FHA but not when your under the gun, like me and the seller of your new home doesn't understand why his price just dropped 30 grand. He will decide it's not worth selling.
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Old 03-30-2010, 11:18 AM
 
Location: Huntington, NY
7,746 posts, read 10,861,760 times
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Quote:
Originally Posted by Tom Millerson View Post
The govt is setting market prices right before our eyes. Right now there are two types of loans FHA and conventional. Conventional requires your 20% down and no appraisal or let me rephase that 20% down and a drive bye by your financer. With FHA, it's 3.5% down and the guarantee the govt. appraiser will comp your house (of course at a lower price-50% coming in less then the home listing or agreement).
I don't know where you're getting your information, but I haven't sold a house in years with a drive-by appraisal. Drive-by's are usually for BPOs, or Broker Price Opinions, not a full-fledged appraisal. No lender will give a loan without a full appraisal, especially in this market, regardless of whether it's 20% down or 40% down.

Yes, FHA loan appraisers are more "picky" and yes, they may scrutinize the market value more closely, but one of the reasons is probably because the loan is fully guaranteed by the government; the other may be a result of an appraiser who is from out-of-area and doesn't have a clue. Lenders can't "pick-and-choose" appraisers the way they used to in the past. I just had a deal recently where the appraiser was from Copiague and probably fully familiar with the South Shore, but totally messed up in Huntington Station and used inappropriate comps. We ended up with a back-up buyer at the same price (also FHA) and had no problems with the comps, but he was familiar with the area.
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