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Old 03-11-2013, 06:07 AM
 
6 posts, read 42,782 times
Reputation: 10

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Quote:
Originally Posted by yousah View Post
This is one of the problems that occurs when the lending industry decided that it was supposed to be a good idea to supply the borrower with a copy of the appraisal. The intended user of the appraisal is the lender and the appraisal isn't written with the borrower in mind- so some things might be confusing to a borrower. It would no different than if the underwriter were to supply you with other documents that they use but aren't required to give to you.

It's even worse now with the UAD requirements because appraisals are much harder to understand.
I actually do agree with you. I do thinks its great to get something about the appraisal but it should be a simple form for us. Did it meet minimum requirments? What needs to be fixed to make it comply. What is just a recommendation to be cured at some point.

Short, sweet, and to the point. It would cause less stress for the home buyer. I've been stressing all weekend long. Sometimes too much information is not good.

Found out late Friday the LO does not even know if it needs to be fixed or not and who to check with. Dragging this thing out even longer.

Would be nice to sleep 4+ hours and not have to worry.
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Old 03-11-2013, 11:50 AM
 
936 posts, read 2,197,894 times
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I don't do FHA appraisals but do remember when they had a separate repair form that was provided to the borrower. That made is much easier to know what work was required. They changed that to incorporate the reporting of the minimum standards directly in the report itself, though there isn't a particular section where all of the required repairs are listed.
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Old 05-13-2013, 07:24 PM
 
5 posts, read 4,432 times
Reputation: 12
Im selling my home FSBO and the buyer did a FHA appraisal on the home, the appraised value did not come in at contract price, My question is does this FHA appraisal stay on my home for 4 months? what if another FHA appraisal is done on my home in the next 120 days, will it show the first FHA appraisal value? Thanks.
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Old 05-13-2013, 09:15 PM
 
936 posts, read 2,197,894 times
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I'm an appraiser, but no longer do FHA appraisals. However, I believe the value is good for 6 months. That means that any subsequent lender has to use any prior appraisals for that period of time, and that appraisal will get pulled up in their system based upon your address. So that lender wouldn't even be ordering another appraisal to start with.
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Old 05-13-2013, 09:26 PM
 
Location: Salem, OR
15,538 posts, read 40,304,505 times
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Quote:
Originally Posted by ricke View Post
Im selling my home FSBO and the buyer did a FHA appraisal on the home, the appraised value did not come in at contract price, My question is does this FHA appraisal stay on my home for 4 months? what if another FHA appraisal is done on my home in the next 120 days, will it show the first FHA appraisal value? Thanks.
Another FHA appraisal won't be done. If you get another FHA buyer, the new lender will be required to contact the old lender to get a copy of the appraisal from them.
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Old 05-14-2013, 03:02 PM
 
5,340 posts, read 14,104,853 times
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Quote:
Originally Posted by nixxon2000 View Post
Long time reader first time poster! I hope you wonderful people can help me.


So I just got the results of my appraisal and I am confused as to if I need to make repairs before closing or not. Its an REO house so they are not going to do any repairs.

The appraiser said there was some floor trim missing in the dining room and living room. He gave a cost to cure at $600. However it does not say it must be fixed, no where on the form does it say it must be fixed.

"C4;Kitchen-updated-less than one year aQo;Bathrooms-updated-less than one year aQo;Some recent updates included new vinyl floorinQ in the Kitchen, dininQ area and Bathrooms, new carpetinQ in the livinQ room, bedrooms and recreational room, new central air conditioninQ unit and some new interior paint. Some trim work was missinQ on the date of inspection as shown in attached photos. The estimated cost to cure the missinQ trim work would be approximately $600. No functional or external inadequacies were apparent on the date of the inspection. "

"Are there physical deficiencies or adverse conditions that affect the livability, soundness, or structural integity of the property? No is checked. "

This is stated in his comments

"The subject meets all FHA/HUD minimum Guidelines as outlined by Handbooks 4150.2 and 4905.1, and all applicable Mortgage Letters"

At the end of one of the pages it has checked "as is" and nothing else. Does that mean it was rejected by FHA for that issue?

So my question is does this mean it was rejected?

Thanks!!!!
It was not rejected. The home is 'up to snuff' as far as the FHA appraisal requirements go. HOWEVER, I would say that most lenders/underwriters are going to require that the trim be replaced prior to closing, especially on a minimum down type deal.
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