FHA Appraisal Requirements
Вставка
- Опубліковано 27 вер 2024
- FHA Appraisal Requirements
Today we are talking about the appraisal requirements for an FHA loan.
I’m a Real Estate Agent in Eugene, OR with CTD Realty. When I’m not helping clients, you can find me spending time with my husband and son. I enjoy watching our son play baseball, leading and choreographing my own dance fitness class, and am an avid fan of The Real Housewives.
LET’S BE FRIENDS!
Website: www.bryncookhomes.com
Facebook: / bryncookrealestate
Instagram: / bryn_cook
Thank you so much for watching my videos. If you want to talk to me about Eugene, OR real estate you can email me at bryn.cook@outlook.com or call me at 541-505-0691.
Oregon Real Estate License: 200708077
Thanks so much for watching! I hope you find the information helpful.
Great info, as a realtor on my first listing I’m trying to address a few of these issues before the appraisal
Glad it was helpful! Good luck with your listing. 😁
This clears up a lot of mud and doubt I had but one more question... Well, ok, I lied, 2 more questions!
1. What if one of the basement walls has begun to bow in? About 18mm of intrusion at the worst/centre of it.
2. What if there's cracked sheetrock? The paint isn't peeling but the sheetrock is cracked.
I'm guessing that they will call out the cracked sheetrock. It's hard to say for sure since it's so subjective (depending on the appraiser).
@@DanceFitnesswithBrynCook ohh! Gotcha, so it is kind of at their discretion.
I could probably patch that up but I don't want to get anyone in trouble for being accused of trying to cover up an issue.
New, and anxious, buyer here :/
The paint, especially if built before 1978, thanks lead paint. They also get picky with downspouts, should be functional. Private well usually require a water test. 75 feet from well to septic drain field.
Yep, good additions to the list.
Thank you so much for your prompt response
We are buying a 95 year old house. Obviously things are not going to be up to par like newer homes. There are things that can be fixed after the home is purchased. Like a new roof. Why can't we fix that and not the seller? The foundation of a 95 year old house isn't going to be perfect either. And all these things can add up and discourage the seller not to fix them. It's very frustrating. And to think this house could be taken away from us because of these issues is heartbreaking.
Have the repairs been requested by the appraiser? If not, then they can be done after the deal closes and the home is yours. If they have been required by the appraiser, then yes...the seller will need to handle them. Unfortunately, the buyers typically don't help with repairs prior to closing because they don't own the home yet and if the sale falls through, it can get really messy in dealing with costs.
@@EugeneLivingwithBrynCook The inspector pointed out a lot of issues that the appraiser will bring up like the peeling paint on the side of the house and that the roof may need to be replaced. As the buyers can't we decide to fix these things after the house is purchased? As long as we know what's going on and are ok with it why can't we purchase it? We can scrape the paint and paint it ourselves. We can get the roof replaced on our own time as well. Just, I don't get it.
Yeah, I know that it stinks. Unfortunately that's the challenge with having an FHA loan. The government backed financing has stricter rules for the property. They aren't quite as stringent with a regular conventional loan, but not everyone can qualify for one. Best of luck with you purchase and hang in there.
Did you end up getting the house?
Is there a website with all requirements for HUD? And are these requirements absolutely necessary, or per inspector? Thanks 😊
Good questions. I can't find an all inclusive list for the HUD requirements, but it doesn't mean it's not out there. The requirements are there, but not every appraiser is going to catch everything. I've noticed that some appraisers are more sticklers than others.
@@EugeneLivingwithBrynCook Thank you 😊
I'm getting an appraisal for a refinance FHA....will I still get an appraisal if soft foliage is touching small portion of roof?
It depends on how much foliage is touching the home. If it's a significant amount, they will probably ask you to trim the plants. You may want to just have them trimmed before the appraiser goes out to be on the safe side. Good luck!
How did that appraisal work out , curious, Mine didn't, FHA appraisal guy , used comps. That were sold inside 1 mile away, ISSUE, The appraiser, Couldn't see how the difference added value. SO LOW BALLED IT. (500K home)
The appraiser came in at 378K yep.
SO I had to sell, sold it for 525K in 2 weeks.
YEP❤
FHA seems to LOW ball😊
Have you ever had to get a well waiver? I have a property under contract. The well is 71 feet from leach field. They were installed two years ago and have a variance and design Ans water samples to send to HUD where we are hoping for a waiver. Just didn’t know if you had experience with this. Thank you!
No, I don't have any experience with a well waiver. Best of luck to you!
If buying a duplex and one unit is livable but one unit is missing a toilet will this pass or do both units need to be fully habitable?
It's my understanding that both sides would need to be habitable.
Good morning I have a question: I’m selling my house and accept the offer with FHA loan,I’m still awaiting for the appraisal and my question is: is the appraisal be done without the physical presence of the appraiser? Is this LEGAL ? Because my realtor told me sometimes this is happen🤔🤔 can I refuse accept this and cancel the contract?,thank you very much,regards!!
Hi there! That's an excellent question. In my experience, FHA appraisals do include a physical inspection of the property. There are times that they can do 'drive by' appraisals on conventional loans with good sized down payments, but that's not the case with FHA. The whole purpose of an FHA loan is for folks who don't have a large down payment to qualify for a loan. My guess is that the appraiser is just backed up right now and hasn't been able to get to your property yet. I hope this helps and that I've answered your question. 😊
What happens if my appraisal is lower then what the buyer is asking . I have a FHA loan
There are three options if the appraisal is lower than the purchase price in the contract. 1. The seller can reduce the price to match the appraised value 2. The buyer can bring in the additional funds to match the contract price 3. The contract can be terminated (and the buyer should receive their earnest money deposit back). Good luck with your deal.
Thank you this was very helpful!! But uhhhh dont forget to blink you kinda looked like a robot
I’m glad you found it helpful. You’re right my recording and editing skills need work. It’s always nice to be reminded that I’m not perfect. I’ll work on that.
Her voice it's so calm and clear, thank you 😊
😊 thank you
Pardon but did you say 15 feet from well well head to septic? Everything I find on FHA HUD is 50 feet. Is this correct?
50 feet definitely sounds more accurate. I can't see the previous message so I'm not sure what the lender that I referred to said. Go with 50 feet. :)
Pond water system the pond water is used for whole house will that pass fha
I asked a friend who's been a lender for many years and this is what she came back with: It's ok if the following apply:
Public water and a public sewer system are not available. If either is close to the property line, you can't choose not to hook up in favor of a spring fed well.
Spring fed wells and storage cisterns are normal for the area. This would be true if the subject property is a second home.
The water flow is adequate for the home. If the faucets and showers are running, can the toilets flush the toilet paper?
Can the appraiser determine whether there is sufficient water in the hot summer months?
The UW will rely on the appraiser to decide if the home is financeable. If all the comps have operating wells, the owner will need to dig one too!
(1) paint must not be chipping, peeling or flaking including barns and sheds. Defective paints should be scrapped and repainted.
(2) windows must open and close and can't be broken.
(3)Proper drainage in the house.
(4) stairways need to have hand railings .
(5)Vegetation should not touch the house.
(6)wellhead must be 100 ft away from septic field and 10ft from property line.