Comments on: FHA Appraisal Requirements http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/ The best source for FHA home loans, FHA refinance loans and FHA purchase mortgages. Wed, 14 Jul 2010 03:40:17 +0000 hourly 1 http://wordpress.org/?v=3.0 By: richard rawle http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1892 richard rawle Tue, 15 Jun 2010 20:19:45 +0000 http://www.bestfhalender.com/?p=1107#comment-1892 have a property with no garage door sensor - interpretation is that this is a safety issue and needs to have one installed - do you agree? have a property with no garage door sensor – interpretation is that this is a safety issue and needs to have one installed – do you agree?

]]> By: Marc Gerard http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1888 Marc Gerard Fri, 04 Jun 2010 22:15:57 +0000 http://www.bestfhalender.com/?p=1107#comment-1888 Very good article Steve. Not only should someone not stear clear of FHA loans, they are about the only game in town these days...at least in Ca. As an appraiser, I concur with your assessment of acceptable properties based on condition...HUD is concerned with (1) health and safety and (2) structural issues. So, if the cosmetic repairs are so severe that they may adversely affect health and safety, they will likely have to be corrected or the collateral declined. Having reviewed appraisals from all over the country for FHA financing though, I can also state that such a case is vary rare. Bottom line, HUD is in the biz of helping consumers so you shouldn't shy away from FHA financing...for a seller, it may be the best way of selling your home. Very good article Steve. Not only should someone not stear clear of FHA loans, they are about the only game in town these days…at least in Ca. As an appraiser, I concur with your assessment of acceptable properties based on condition…HUD is concerned with (1) health and safety and (2) structural issues. So, if the cosmetic repairs are so severe that they may adversely affect health and safety, they will likely have to be corrected or the collateral declined. Having reviewed appraisals from all over the country for FHA financing though, I can also state that such a case is vary rare. Bottom line, HUD is in the biz of helping consumers so you shouldn’t shy away from FHA financing…for a seller, it may be the best way of selling your home.

]]> By: Donna Krause http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1884 Donna Krause Wed, 19 May 2010 20:55:28 +0000 http://www.bestfhalender.com/?p=1107#comment-1884 Are there any guidelines as far as what kind of Furnace is acceptable? The home was built in 1980 and has hot water baseboard with a coal boiler. No other backup, also the hot water is heated with the boiler. We think it is very efficient! The other issue is the garage (not attached) has a metal roof, and there is some rust on it. Will this be an issue? Are there any guidelines as far as what kind of Furnace is acceptable? The home was built in 1980 and has hot water baseboard with a coal boiler. No other backup, also the hot water is heated with the boiler. We think it is very efficient! The other issue is the garage (not attached) has a metal roof, and there is some rust on it. Will this be an issue?

]]> By: Katie http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1883 Katie Thu, 06 May 2010 21:39:17 +0000 http://www.bestfhalender.com/?p=1107#comment-1883 We just had our FHA appraisal on a foreclosed home, we are ten days away from closing, and we signed an "as-is" contract with the selling bank. However, now there are problems that need to be fixed before they can complete the appraisal (chipped paint on the outside - built in 1960, 3 shingles need to be replaced, and a leaky faucet needs to be fixed). Did we just get ourselves stuck? How do we fix things on a house that is not ours? Are we ALLOWED to fix things on a house that is not ours? Can we ask the selling bank to pay for it? Afterall, they knew we were going FHA. We just had our FHA appraisal on a foreclosed home, we are ten days away from closing, and we signed an “as-is” contract with the selling bank. However, now there are problems that need to be fixed before they can complete the appraisal (chipped paint on the outside – built in 1960, 3 shingles need to be replaced, and a leaky faucet needs to be fixed). Did we just get ourselves stuck? How do we fix things on a house that is not ours? Are we ALLOWED to fix things on a house that is not ours? Can we ask the selling bank to pay for it? Afterall, they knew we were going FHA.

]]> By: Steve Lines http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1814 Steve Lines Mon, 22 Mar 2010 03:16:04 +0000 http://www.bestfhalender.com/?p=1107#comment-1814 Gary, Thanks for writing. Sorry I'm just getting back to you now. I've heard conflicting info about stoves also. There are a number of investors that will not fund if the home does not have a stove. We can. FHA does not require a stove but they are concerned with safety issues. So, if the stove is missing the electrical wires and/or gas must be capped. I have heard that FHA will require a missing countertop range to be replaced. Hope this helps. Steve Gary,

Thanks for writing. Sorry I’m just getting back to you now.

I’ve heard conflicting info about stoves also. There are a number of investors that will not fund if the home does not have a stove.

We can.

FHA does not require a stove but they are concerned with safety issues. So, if the stove is missing the electrical wires and/or gas must be capped.

I have heard that FHA will require a missing countertop range to be replaced.

Hope this helps.

Steve

]]> By: The Ten Best in RE.net This Week: Mar. 20, 2010 Edition http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1811 The Ten Best in RE.net This Week: Mar. 20, 2010 Edition Sun, 21 Mar 2010 05:31:54 +0000 http://www.bestfhalender.com/?p=1107#comment-1811 [...] ) FHA Appraisal Requirements – Here’s a quick look at what is considered on the FHA’s approval of a [...] [...] ) FHA Appraisal Requirements – Here’s a quick look at what is considered on the FHA’s approval of a [...]

]]> By: Top 10 real estate posts of the day for 3/18/2010 http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1809 Top 10 real estate posts of the day for 3/18/2010 Thu, 18 Mar 2010 16:08:17 +0000 http://www.bestfhalender.com/?p=1107#comment-1809 [...] FHA Appraisal Requirements – A quick look at what they are looking for in the property on a FHA approval of a [...] [...] FHA Appraisal Requirements – A quick look at what they are looking for in the property on a FHA approval of a [...]

]]> By: FHA Appraisal Requirements, What Are They? | American Financing Articles http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1808 FHA Appraisal Requirements, What Are They? | American Financing Articles Wed, 17 Mar 2010 19:32:46 +0000 http://www.bestfhalender.com/?p=1107#comment-1808 [...] the original post: FHA Appraisal Requirements, What Are They? var addthis_language = 'en'; Share and [...] [...] the original post: FHA Appraisal Requirements, What Are They? var addthis_language = 'en'; Share and [...]

]]> By: Gary Sattelberger http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1800 Gary Sattelberger Wed, 17 Mar 2010 15:58:29 +0000 http://www.bestfhalender.com/?p=1107#comment-1800 Great info, Steve. What do the guidelines say about the stove? I've heard so many conflicting reports about the stove being required or not. I've even had one deal almost not go through at the last minute because of a missing stove (thankfully, the buyer put one in before COE) while at the same time another deal closed without one. It seems there is a lack of consistent interpretation at times. Great info, Steve.

What do the guidelines say about the stove? I’ve heard so many conflicting reports about the stove being required or not. I’ve even had one deal almost not go through at the last minute because of a missing stove (thankfully, the buyer put one in before COE) while at the same time another deal closed without one.

It seems there is a lack of consistent interpretation at times.

]]> By: Choosing Your Real Estate Appraiser | Mr Fourty Money Making Online http://www.bestfhalender.com/fha-guidelines/fha-appraisal-requirements/comment-page-1/#comment-1799 Choosing Your Real Estate Appraiser | Mr Fourty Money Making Online Wed, 17 Mar 2010 15:30:43 +0000 http://www.bestfhalender.com/?p=1107#comment-1799 [...] FHA Appraisal Requirements, What Are They? [...] [...] FHA Appraisal Requirements, What Are They? [...]

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