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Old 09-05-2010, 07:02 AM
 
Location: On the East Coast
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I know that FHA is going to change the max for sellers concessions from 6% to 3%. Can anyone tell me when that did, or is going to, go into effect?

It was posted in the federal register on 7/15 and the comment period ended 8/15. But I don't know where it has gone from there. Any info is appreciated!
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Old 09-06-2010, 10:35 AM
 
Location: Austin
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Things were supposed to take effect on Sept 7, but I believe they have an extension to early October... personally, no point in delaying the inevitable...
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Old 09-08-2010, 06:53 PM
 
Location: MID ATLANTIC
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The increase mortgage insurance takes place October 4th, for all new appraisals (case numbers) ordered after this date. If you are a short sale buyer with hopes of going FHA, ask your lender to pull the case number before October 4th. They can get a case number and assign an appraiser, but the order doesn't need to go out on the 4th. I did this with the last MIP increase (in April) and several of my buyers that just closed last month and in July. HUD changes are all by the date the lender obtains the case number.

The date has not been set for the decrease in seller concessions, but it may as well be here, few are going over 3%. Builders are the only ones in our area that will be crushed by it.
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Old 09-10-2010, 08:41 PM
 
Location: On the East Coast
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Thanks for the answers. Actually we are sellers and we had an offer for $10k off listing plus 6% seller's assist and I had thought that rather high for our area (and the price of the house). I had read that it was coming down but didn't know when.

Point is moot now as the negotiations downgraded the seller's assist to 3% anyway with $7k off listing price (after $15k reduction from original listing price). Guess after 2+ years on the market we should be glad we are selling at all. Ended up taking a 16% "bath" on a house that over the course of 30 years old appreciated about 2.85%/year.
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Old 09-11-2010, 07:20 AM
 
Location: MID ATLANTIC
8,643 posts, read 22,797,866 times
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Do yourself a favor.......as hard as it is, leave your home or have the appraiser enter your home by lockbox when the appraiser does their inspection. I know the appraisers will disagree with this, but I have seen more homeowners shoot themselves in the foot by chatting with the appraiser. What types of items am I talking about? Unpermitted additions and outbuildings, additional inspections (fireplace, roof).......all required due to seller's comments.

If the appraiser has a question, they can contact the agent for an answer and the appraiser can contact you. And if the buyer has a home inspection scheduled for one day, make sure you don't shedule the appraisal for the same day........I had one inspector ask questions and point out several issues and in essence made the appraisal their home inspection.
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Old 11-17-2010, 03:18 PM
 
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Question appraisal

who orders appraisal on a persons property?
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Old 11-17-2010, 03:30 PM
 
Location: Austin
7,244 posts, read 21,705,405 times
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Quote:
Originally Posted by ravenfeathers View Post
who orders appraisal on a persons property?
If the home is being purchased and financed through a lender, the lender (loan officer) orders the appraisal. If it's a cash deal, it's up to the buyer to order their own appraisal.
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