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I am looking for an appraiser on LI (preferably in Suffolk) that has done appraisals for FHA financed homes. If anyone has any recommendations, please post here.
Also, if anyone has information on what requirements (state certified, etc) must be met for an appraiser work with FHA financed homes that would also be helpful.
We are hoping to make an offer and have an inspection done on a home in Suffolk but we believe the asking price may be too high. The seller appears to be flexible.
I am looking for an appraiser on LI (preferably in Suffolk) that has done appraisals for FHA financed homes. If anyone has any recommendations, please post here.
Also, if anyone has information on what requirements (state certified, etc) must be met for an appraiser work with FHA financed homes that would also be helpful.
We are hoping to make an offer and have an inspection done on a home in Suffolk but we believe the asking price may be too high. The seller appears to be flexible.
Thanks in advance.
Are you willing to pay twice for an appraisal? You can have an appraisal done on your own of course (and pay for it), but the lender will require an independent appraisal regardless (and the buyer - you - pays for that...)
If you do, I can probably give you the name of one... (just have to find his card LOL)
I can completely understand the desire to do this... I thought about it to. But, I don't know if it's a good idea if you really think it through to the end.
It's important to understand that each appraisal is just an opinion, and the only one that the bank cares about is the one they order themselves (as Elke mentioned). So, that's the only "reality." The bank won't care if your other appraiser valued the house higher or lower.
So, let's say you're looking at a house that is listed at 500K. You pay for your own appraisal and it comes in at 575, so you bring that to the sellers, they agree to come down and you agree to 575k. Now, the bank's appraisal comes in at 565K. Your seller might simply say, that's B.S., you come up with the difference, we've already had a pro tell us the house is worth 575k. They're more likely to dig in.
It might be better to take a really good look at your comps and make the offer you're comfortable with. Have a conversation (or have your broker do it) with the sellers and say "Look, we like the house but worry it's overvalued. I'm willing to pay (blank). Also issue the caveat that, even with that, your concern is that it might appraise too low. THat way, if the REAL bank appraisal that counts comes in low, you can still negotiate a bit. If they already have another professional appraisal that's higher, you're only giving them a reason to really dig in their heals.
I did it the way I mentioned and it worked out that the bank appraisal came in 15K higher than my accepted bid. This guy picked good comps. I do think it could have worked out the other way just as easy.
If you like, I have a great FHA mortgage broker who made all of this VERY easy.
Yes, if you know a good FHA mortgage broker that would be very helpful. We are about to embark on this painful process...having someone knowledgeable in this area would help us a great deal.
The house I bought appraised low about $17,000 below the agreed sale price. I appealed the appraisal and upon re-appraisal, they came up around $10,000. I split the difference with the seller, putting a $3500 more down and they dropped their price by 3500. In the end, it worked out better for me. You can appeal, and they do make some adjustments.
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