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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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If you have an FHA mortgage?
How tough was the bank inspection/appraisal? Did they want the sellers to make any changes? I know of things like railings and chipped paint and I think the house we are buying is fine there....I'm just wondering if there are any other potential surprises I should be aware of?
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Posted 7/14/13 11:56 AM  |
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Prudential Douglas Elliman Real Estate
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blu6385
Member since 5/08 8351 total posts
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Re: If you have an FHA mortgage?
i heard they are usually really strict and i was kind of nervous cause we were buying an "older" house. Ended up being the easiest thing ever had no issues at all.
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| Posted 7/14/13 12:42 PM |
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lbro26
LIF Infant
Member since 8/11 222 total posts
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Re: If you have an FHA mortgage?
We are going for an FHA loan now...everything has gone through very smooth so far.
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| Posted 7/14/13 3:17 PM |
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Re: If you have an FHA mortgage?
It's kind of a misconception that FHA loans require much stricter appraisals than conventional. I mean, if there are major condition issues with a house (holes in walls, floors, missing systems/appliances), it would be an issue for the lender, regardless of whether it's a conventional or FHA loan.
If a house is in good condition, there usually won't be any FHA compliance issues. With FHA loans, the appraisers do look for compliance issues, and they are more safety-focused (look for CO detectors, smoke alarms, hand railings, etc.). But I sell a lot of homes where the financing is FHA and I rarely have issues come up. If they do, they are readily fixed (and haven't delayed the process). I think the only thing that came up recently for me was about 8 months ago -- the garage door of a house was old and had peeling paint, so it had to be repainted.
If you are worried about something specific, you can always ask your loan officer whether it will be an issue (in advance of the appraisal), and if he says yes, have it addressed beforehand, so you don't have the extra step of having to get it fixed, and then having the appraiser come back a second time.
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| Posted 7/14/13 5:06 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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If you have an FHA mortgage?
I had an incredibly tough inspector- she wrote up a repair to have a six inch by one inch scrape in the paint (it is cement paint) on our front stoop fixed. The estimate for the repair was $200 and she would not reconsider her report. Technically the inspector can include anything they feel is bringing down the value of the home. Also the sellers ARE NOT responsible for the repairs required by FHA the buyer is applying for the mortgage so technically it is the buyer that must fulfill the conditions set forth by FHA. Of course if it is something major you can try to have your attorney negotiate with the sellers' attorney.
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| Posted 7/14/13 9:00 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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If you have an FHA mortgage?
We had no issues at all and bought a 1950/s house with no updates lol
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| Posted 7/14/13 11:22 PM |
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Re: If you have an FHA mortgage?
Posted by MrsG823
I had an incredibly tough inspector- she wrote up a repair to have a six inch by one inch scrape in the paint (it is cement paint) on our front stoop fixed. The estimate for the repair was $200 and she would not reconsider her report. Technically the inspector can include anything they feel is bringing down the value of the home. Also the sellers ARE NOT responsible for the repairs required by FHA the buyer is applying for the mortgage so technically it is the buyer that must fulfill the conditions set forth by FHA. Of course if it is something major you can try to have your attorney negotiate with the sellers' attorney.
One thing to keep in mind with FHA appraisals, though, is that they stay with the house for 120 days regardless of who the buyer is (as long as they are getting an FHA loan). So if buyer A has an issue that needs to be addressed given the appraiser's report, and the deal falls apart because neither the seller or buyer want to undertake the repairs, the seller will be stuck with that same appraisal if another buyer, Buyer B, comes along within 4 months after the appraisal and is also going to get an FHA loan.
So it's just a fact to keep in mind for negotiations --- whether pertaining to an issue with the appraisal re: condition or value --the seller doesn't necessarily escape a "bad" appraisal by moving on. If the house is located in more of a first-time home buyer area where FHA loans are common, the fact that the appraisal stays with the house for 4 months could motivate a seller to work with the buyer they have.
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| Posted 7/14/13 11:43 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: If you have an FHA mortgage?
Posted by Mrs213
We had no issues at all and bought a 1950/s house with no updates lol
same here.
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| Posted 7/15/13 7:18 AM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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If you have an FHA mortgage?
No issues here either. Everything was incredibly smooth.
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| Posted 7/15/13 9:30 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
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If you have an FHA mortgage?
we had alot of little things that the seller had to fix (which thankfully the sellers HAD to sell quick bc I cant believe how much they had to do just for us to get our mortgage!) and some magor things - like repainting the decks and parts of the house. Our inspectors were VERY strict. and we had like 3 of them. They even did a "surprise" one a few days before closing
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| Posted 7/15/13 12:17 PM |
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CnG143
LIF Toddler
Member since 11/09 379 total posts
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Mrs.N
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Re: If you have an FHA mortgage?
We had no problem with ours at all. It was just a regular inspection, and that was it. 
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| Posted 7/15/13 3:39 PM |
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marieSand
Hello LIF!!!
Member since 8/10 1224 total posts
Name:
marie
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Re: If you have an FHA mortgage?
Posted by CnG143
We had no problem with ours at all. It was just a regular inspection, and that was it.
This!
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| Posted 7/15/13 8:57 PM |
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