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My daughter-in-law put a bid on a foreclosed house in alabama, bid was excepted, loan has been approved,appraisal has been done, there is a mobile on property and has been since 1998,appraiser in 2005 is the same one that did it this time, fha says it does not conform to the guidelines. Appraier said he did not see it 2005, mh has the same drive way. Appraiser will not change his wording of the appraisal even though he gave no value to the mh.what do we do now? PLEASE HELP?
Last edited by bturner1989; 01-17-2011 at 08:28 PM..
My daughter-in-law put a bid on a foreclosed house in alabama, bid was excepted, loan has been approved,appraisal has been done, there is a mobile on property and has been since 1998,appraiser in 2005 is the same one that did it this time, fha says it does not conform to the guidelines. Appraier said he did not see it 2005, mh has the same drive way. Appraiser will not change his wording of the appraisal even though he gave no value to the mh.what do we do now? PLEASE HELP?
You can't close a secondary market mortgage loan (i.e. 30 year fixed rate) on a property that has 2 dwellings. The mobile home would have to be removed or she would have to get a local bank portfolio loan where there may be a larger down payment required and probably a higher interest rate.
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