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Im in the process of purchasing a home. All paper work is done and FHA said it was good to go......except for one thing! The appraiser that was used to do the appraisal on the house for FHA messed up the appraisal big time and FHA rejected the loan! FHA will not let us get another one done and stated that we can not file for a loan on this house thru them again. So now we are out cold and still required to pay for the messed up appraisal ! The appraiser apparaised the house just a little more than what the purchase price is, which was good. But he said there was damage to the exterior of the house, which was the very bottom of the bottom row of sideing where the lawn mower bumped it and left 3 nicks about the size of a silver dollar. He estimated it to cost $3000 dollars to repair. FHA said it would have to be fixed with in 90 days after purchased and verified of the fix. We agreed. Then the appraiser was suppose to compare the house price with other houses of the same style in the area. This is a ranch style 2 car with full basement.He compared it to split level multi-level homes of 2x to 3x times the square foot and 59% to 63% higher value. FHA rules state it must be the same style and their listed price or purchase price can not be over or under 18% of the house he is appraising. SO that thru it all out. Now I dont know what to do. The price and location is just what I am looking for. Sorry for the lengthy story.
Yeah I can but its only a fixed rate for 5 yrs with a balloon. But who knows what the interest rate will be in a couple of years. This is a nightmare!! I just cant bellieve that because he messed up that you only get one chance to apply thru FHA!!
But he said there was damage to the exterior of the house, which was the very bottom of the bottom row of sideing where the lawn mower bumped it and left 3 nicks about the size of a silver dollar. He estimated it to cost $3000 dollars to repair.
3 nicks should not cost $3000 to repair! Even if it takes 3 pieces of hard board to fix, I wouldn't think it would take more the $300 to repair.. Are you sure this wasn't a type by the apraiser? Just a thought...
Yes it is correct. They wanted it repaired on two sides of the garage and the appraiser stated that is what it would cost to fix with materials and labor. I said I could fix it for under $300 but they would only go by what the appraiser stated. I spent all day arguing with banks to get the to amend the appraisal with a new appraisel but they will not redo it! They told me once it has been filed with the appraisel, good or bad, and the loan rejected I can not redo it!!. I even have e-mails from the banks stating that the appraisel was so messed up that it didnt make sense but they will not redo. Seem Im out of luck buying a real nice home that I can afford with nothing wrong with it because the appraiser was a , i will put this nicely, jerk. I talked to ohter appraisers and real estate pros that have told me that this appraisel firm has done this many times before and cause serious problems for everyone. Im going to talk to a attorney tomorrow and see what can be done. I have jumped thru so many hoops getting this done and all was ok until this appraiser did this. I just give up! I am so beat up going thru this process that its just not worth it. The stress and the jerks I have to deal with because they think they are superior has gotten me down so bad I have been sick for over 10 days. Im whipped!!
And by the way I have never said I deserve this loan! All I have said is that all my paper work was in as requested . I did everything ASAP as requested from my broker. Everything was ok no problems all was good. I passed the acid test until this appraiser messed it up. Im kind iritated that some "loan officers" on this sight are taking pot shots at me, indirectly, because I was just looking for advice on how to handle this. I guess I didnt realize that being a "loan officer" means that if they dont feel like helping you that by the stroke of their pen they can literally knock your lively hood down. The "loan officers" obviously dont realize that it is part of their job to see that the paper work and so forth is there for them to analyze but expect Joe Smith should know all of this and do their job for them! All I did was ask for advice. Thats all. Now these whiners coming out of the wood work. Ok sorry for the rant! I just dont lay down and let people take pot shots at me!!
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