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Hi! My FHA appraisal expired and now I'm waiting for a new FHA case number (or something along those lines) so that a new appraisal can be ordered. Does anyone have any idea what the turn around time would normally be for this?
Basically you may not need a whole new appraisal. If your loan was already approved, then you could get a 30 day extension on the original appraisal or they could order an appraisal update, using the same case case number. An appraisal update is a short form signed by the appraiser indicating that the property has not lost value since the date of the original appraisal. If it has it becomes a bit more involved. We'll assume your house is the still same value. The appraiser will charge to fill out and sign the form but it shouldn't be unduly expensive.
Of course, your lender may have some investor stipulation overlaying FHA requirements and needing a brand new appraisal which may be your hold up.
Getting a case number doesn't take long. It's all done electronically over the internet. There is no person to person interaction. Your lender just needs whatever person authorized to access the FHA system to do so. Input a few pages of info, case number given.
I will add that sometimes the FHA system is off line, tied up in knots, electronically fried or otherwise unavailable sometimes for a few days at a stretch.
Basically you may not need a whole new appraisal. If your loan was already approved, then you could get a 30 day extension on the original appraisal or they could order an appraisal update, using the same case case number. An appraisal update is a short form signed by the appraiser indicating that the property has not lost value since the date of the original appraisal. If it has it becomes a bit more involved. We'll assume your house is the still same value. The appraiser will charge to fill out and sign the form but it shouldn't be unduly expensive.
Of course, your lender may have some investor stipulation overlaying FHA requirements and needing a brand new appraisal which may be your hold up.
Getting a case number doesn't take long. It's all done electronically over the internet. There is no person to person interaction. Your lender just needs whatever person authorized to access the FHA system to do so. Input a few pages of info, case number given.
I will add that sometimes the FHA system is off line, tied up in knots, electronically fried or otherwise unavailable sometimes for a few days at a stretch.
Thank you...that's helpful because it's been about a week I'm still waiting. Seems rather long for this but maybe the fha system has not been working. Of course that would be my luck.
Your request for a new case number has gone into "holds tracking." HUD has to manually process the cancelation and the re issuance of the new number. It's cumbersome because each step requires a 24 hour cycle, meaning they can't cancel and reissue in the same day.
Yes, but why bother with a cancellation and so on. The lender could just have extended for 30 more days if they are going to close soon. This loan seems to have been in process for months and months as it is. Or they could just go with an appraisal update which extends the original appraisal out for a good bit of time
( a total of 240 days from date of original appraisal ).
Now, the borrower is going to get stuck paying for another appraisal plus worrying about what ever conditions the new appraiser may add to the loan ( hopefully none).
OP- is your lender not planning on closing for many more months because that is what it sounds like ?
It sounds like it's new construction and the home hasn't started and they want to do the appraisal as "existing, never occupied" to avoid the construction inspections, not only is it not existing, it hasn't been started.
My guess - weather has delayed many new construction loans. Add the dilemma the various loan systems block you from the next milestone on a file if you don't have your HUD case number. I am guessing they had to pull the case number to get the loan on the books. They could also be trying to salvage the application date (as in not wanting to re-do it) and avoid having a case number be dated prior to the application date. They could also be trying to maintain a guideline change. Several things could be going on....
No, this is an existing house- the one with the title issues now resolved and detached garage with repair problems. The lender being used just can't seem to get the loan closed.
Yes, but why bother with a cancellation and so on. The lender could just have extended for 30 more days if they are going to close soon. This loan seems to have been in process for months and months as it is. Or they could just go with an appraisal update which extends the original appraisal out for a good bit of time
( a total of 240 days from date of original appraisal ).
Now, the borrower is going to get stuck paying for another appraisal plus worrying about what ever conditions the new appraiser may add to the loan ( hopefully none).
OP- is your lender not planning on closing for many more months because that is what it sounds like ?
willow wind.....let's just say I'm getting a little frustrated to say the least. So, yes we did order an updated appraisal but the appraiser made a mistake and dated the updated appraisal after the original one expired instead of on the same day or before. Well, obviously FHA would not accept the appraisal like that. So, this is the reason for getting a new case number so that a new appraisal can be ordered (they will do it for about half the price because of this). However, this was like 6 days ago and we are still waiting which is why I'm a little frustrated because I hear nothing but, "I'm still waiting to hear back from lender," from my processor.
So, to answer your question about the lender not planning to close for more months...I hope that is not the case. The title issue was resolved around the 16th of January which means we should have closed on this loan already. It's unreal that this is still going on...one issue after the other. I am trying to be patient but I have waited almost six months already...this is too much!!
Oh, and why is it that I'm the one putting the credit card forward to get the appraisal? You are saying that the lender is getting stuck with this? Does this mean I get credited at closing? Someone help me stay sane.....
It sounds like it's new construction and the home hasn't started and they want to do the appraisal as "existing, never occupied" to avoid the construction inspections, not only is it not existing, it hasn't been started.
My guess - weather has delayed many new construction loans. Add the dilemma the various loan systems block you from the next milestone on a file if you don't have your HUD case number. I am guessing they had to pull the case number to get the loan on the books. They could also be trying to salvage the application date (as in not wanting to re-do it) and avoid having a case number be dated prior to the application date. They could also be trying to maintain a guideline change. Several things could be going on....
You are definitely right there could be several things going on but what bothers me is that I feel like I'm in the dark. I wish the lender would communicate with us because my processor is always telling me she is waiting to hear back from them....it's frustrating big time.
Oh, and not it's not a new construction, it's an existing home.
I believe an fha appraisal is good for 4 months, which is usually more than enough time to close a loan. why didn't it close in that time frame? if the delay was the banks fault, I would make them pay for the second appraisal (or threaten to go to a different lender).
I believe the fha case number is only good for 6 months. since they secured the case number before ordering the original appraisal, it's possible that expired also. like the earlier poster stated, it only takes a few business days at most to get a new case #.
if there was an issue with the original appraisal they may have let the old appraisal expire on purpose so they could roll the dice with a different appraiser. if that is the case I definitely would make them pay for the second appraisal.
if you paid for the original appraisal and request a copy in writing, by law they must provide you with it. I think there actually is a new regulation that states you must receive a copy of the appraisal at least 3 days prior to settlement (whether you paid for it or not).
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