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Old 04-23-2009, 03:25 PM
 
5 posts, read 20,370 times
Reputation: 10

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We're buying a 1920 Bungalow in Atlanta with an FHA 203k streamline loan and we have STILL not received our appraisal - and we close next Friday (May 1st)! Our loan is underwritten other than appraisal value, we've done inspections, gotten repair estimates, etc. - just no appraisal yet.

The appraisal was supposed to be done weeks ago. Our agent tells us that two appraisers turned down doing the appraisal for whatever reason and a third was paid to rush the appraisal. Well, the third appraiser supposedly went out about 6 days ago. I just got an update that the third appraisal thought that the house was a duplex - what the heck! Don't appraisers go INSIDE when they appraise the property?

The issue has been turned over to a higher authority at the mortgage company. What is going on here?!? We're going to have to move out of our apartment and in with relatives until this issue is resolved. This is insane! Any wisdom would be appreciated. Thanks!
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Old 04-24-2009, 08:02 PM
 
96 posts, read 377,265 times
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Sounds like your mortgage co. is at fault. I just closed on Monday and was under contract for a month exactly (30 days). Due to the details of the purchase I had to get two appraisals - and a conventional loan (I was eligible for an FHA). They were both done in the first 7 days of the contract. I bought in Atlanta in unicorporated Dekalb.
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Old 04-24-2009, 09:10 PM
 
Location: St. Paul's East Side
550 posts, read 1,482,866 times
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Quote:
Originally Posted by JBnC View Post
Sounds like your mortgage co. is at fault. I just closed on Monday and was under contract for a month exactly (30 days). Due to the details of the purchase I had to get two appraisals - and a conventional loan (I was eligible for an FHA). They were both done in the first 7 days of the contract. I bought in Atlanta in unicorporated Dekalb.

Why did you have to get a conventional loan rather than a FHA. We are looking to buy our first home when we move to Atlanta next year... so I trying to figure out how these things work.
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Old 04-24-2009, 09:11 PM
 
Location: St. Paul's East Side
550 posts, read 1,482,866 times
Reputation: 280
Quote:
Originally Posted by onewoodenleg2 View Post
We're buying a 1920 Bungalow in Atlanta with an FHA 203k streamline loan and we have STILL not received our appraisal - and we close next Friday (May 1st)! Our loan is underwritten other than appraisal value, we've done inspections, gotten repair estimates, etc. - just no appraisal yet.

The appraisal was supposed to be done weeks ago. Our agent tells us that two appraisers turned down doing the appraisal for whatever reason and a third was paid to rush the appraisal. Well, the third appraiser supposedly went out about 6 days ago. I just got an update that the third appraisal thought that the house was a duplex - what the heck! Don't appraisers go INSIDE when they appraise the property?

The issue has been turned over to a higher authority at the mortgage company. What is going on here?!? We're going to have to move out of our apartment and in with relatives until this issue is resolved. This is insane! Any wisdom would be appreciated. Thanks!
How is this working out?
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Old 04-24-2009, 09:20 PM
 
96 posts, read 377,265 times
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Quote:
Originally Posted by StPaulEastSider View Post
Why did you have to get a conventional loan rather than a FHA. We are looking to buy our first home when we move to Atlanta next year... so I trying to figure out how these things work.

I bought a flip (but still walked away with an amazing deal). The title was not able to mature enough for an FHA loan. Even so, it appraised at 150%, so I was able to only put down 5% as opposed to 3.5% for an FHA.
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Old 04-24-2009, 10:50 PM
 
Location: St. Paul's East Side
550 posts, read 1,482,866 times
Reputation: 280
Quote:
Originally Posted by JBnC View Post
I bought a flip (but still walked away with an amazing deal). The title was not able to mature enough for an FHA loan. Even so, it appraised at 150%, so I was able to only put down 5% as opposed to 3.5% for an FHA.

Okay... virtually none of that made sense to me... the place appraised at 150% of your purchase price? Cool! Right?

And you couldn't purchase it on FHA because the flipper hadn't owned it long enough?

I guess I don't get the part about 5% and 3.5%... never mind, I'll figure it out as we get further into it for ourselves!

If you could email the name of the person who did your flip, I'd appreciate it... assuming you can vouch for the quality of his/her work... thanks.
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Old 04-25-2009, 03:14 PM
 
5 posts, read 20,370 times
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The latest news - Appraisal is done, but we still haven't seen it. We may not get the house since we did find out that the house was listed as a duplex (!?!) on last year's tax records. This house is not a duplex - it has one kitchen and one front door. It does have an upstairs but there is no private entrance (and no kitchen of course). This is just insane. I'm guessing that maybe current owner wanted to turn it into a duplex and had it rezoned this way? 6 days until closing and counting!
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Old 04-26-2009, 12:23 PM
 
9 posts, read 40,418 times
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when you get an FHA loan the appraiser has to be an FHA approved appraiser. This can really slow things down. You still got some time so don't panic and good luck
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Old 04-27-2009, 10:04 AM
 
5 posts, read 20,370 times
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Unhappy Deal fell through...

We got the appraisal and the deal fell through. This 6 bdrm, 4 bath 1920's bungalow with original hardwoods appraised for 105k (our loan is for 156k). I can't even believe it. We're going to have to start looking at other neighborhoods besides the West End I guess.
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Old 05-20-2009, 02:42 AM
 
21 posts, read 60,394 times
Reputation: 39
Unfortunately, the REOs have been dragging down the appraisals to the point that I wonder how anyone can buy anything in this market EXCEPT an REO, and those are hell. I've found sellers want AT LEAST full appraised value and often think their house is worth quite a bit more than that-- your 156K/105K is exactly the sort of thing I've been seeing-- sellers ask 325k, we make a deal for 300k w/mulitple buyers and it appraises for $250. Welcome to the world of real estate! I'd say if two buyers want to pay $300k then that's what it's worth, but good luck with the lender on that...
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