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We are five days from selling our house in Maryland to a buyer getting an FHA loan. We're moving to Indian Trail, NC. 1st appraisal was done last month, took 18 days to get the report at $475K, our asking price. 2nd appraisal was done on Sat, 6/6, got the report today for $450K. 1st appraiser was here an hour and forty five minutes, the 2nd appraiser was here 10 minutes. Has this happened to anyone else? Any advice. We're waiting to hear back from our agent. Thanks for any info you can give us.
It's my understanding as long as the appraisal is not lower than the loan amount your OK. If you asked for $475, did you get $475? If so, great for you, but are they getting a 100% loan? Even though FHA has more restrictions than others, I wasn't aware of the appraisal had to match or exceed negotiated price. Though my sister went through an issue with this, and the people weren't even FHA, she had to get a 3rd appraisal from the company providing the loan to the buyer. I guess it's up to the loan company.
Thank you for responding. We listed at $470K, they offered $475K. We all signed the contract for $475K. the movers are coming on Friday, settlement is scheduled for Monday at 10 am. The first appraisal was right on the money. Then, our agent said the lender asked for the second appraisal due to new FHA rules. The second one came in at $450K. We're still waiting to hear from our agent. We're feeling like we've been duped.
I don't think FHA offers 100% financing. I believe the minimum down is 3%. So, they wouldn't be able to purchase your home for more than $463,500. Either they come up with $11,500 on their own, you lower the selling price, or the deal's off. =( Sorry you are having trouble, but I think you'd still be lucky to get 98% of your asking price in this market.
I don't think FHA offers 100% financing. I believe the minimum down is 3%. So, they wouldn't be able to purchase your home for more than $463,500. Either they come up with $11,500 on their own, you lower the selling price, or the deal's off. =( Sorry you are having trouble, but I think you'd still be lucky to get 98% of your asking price in this market.
Thank you for the reply. They are paying the 3%. No issue there. Gave us a $15,000 non refundable deposit. Up to today everything was a go for Monday at $475K. The 2nd appraisal report came in today at $450K. That's why we're upset. Still haven't heard back from our agent yet.
Thank you for the reply. They are paying the 3%. No issue there. Gave us a $15,000 non refundable deposit. Up to today everything was a go for Monday at $475K. The 2nd appraisal report came in today at $450K. That's why we're upset. Still haven't heard back from our agent yet.
Are you sure it's a "non-refundable" deposit. I find that odd since the buyer was looking for 97% and didn't write in a mort. contig.
When our agent showed us the check she said it was non-refundable. We had listed at $470K, they said they really wanted the house so offered the $5K over. We had had another offer too. Believe it or not, the house sold in a day. We listed on a Fri, had 10 showings by appt only on Sat. (which they came to), had 5 showings on Sunday and had two offers Sunday night. Signed the contract on Monday. Everything clicked - home inspection, termite, 1st appraisal - now this. Again, only 5 days before settlement. I was just hoping to find out if anyone else had a situation like this before.
Are you sure it's a "non-refundable" deposit. I find that odd since the buyer was looking for 97% and didn't write in a mort. contig.
Forgot to say, they were already approved for their mortgage. Actually they wanted to settle on May 29th. But that would have given us less than 3 weeks to move. Their lender was on the phone with our agent while we were there and we heard him tell her they were ready to settle on the 29th. But they agreed to the June 15 settlement.
Fha minimum is 96.5%. They would have to have 3.5% down minimum.
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