Profile picture for hoth1

Can a seller request an FHA appraisal?

Our sale seems to be in a slow down and I am wondering if we can seek and appraisal from an accredited FHA appraisal to help speed the process or will this throw more cogs on the wheel??? 
  • January 12 2011 - Town of West Bend
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Answers (8)

Best Answer

The appraisal you request will not be an FHA appraisal.  An FHA appraisal must be ordered either by the broker or lender, who will request an case number from FHA that is attached to the loan file and appraisal.   
  • January 12 2011
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Sorry, but no.  Due to HVCC rules that govern how lenders order appraisal, that may be a waste of money.  As a lender, I cannot engage an appraiser directly.  I must go through a service to order the appraisal.  It is like a lottery of sorts.  This insures that loan officers do not influence an appraiser's opinion in any way.  Most lenders cannot use an appraisal that was ordered by another lender.  Again, the key is to avoid any influence by lenders with appraisers.  FHA assigns the property a case number. An FHA appraisal is good for three months for a particuar property.  So if a sales falls through,  that appraisal is registered with FHA and when the next borrower comes along that appraisal must be used.  

However, it isn't a bad idea to have an inspection done when you are listing the property.  A good inspector can tell you what FHA is looking for as far as repairs that may be necessary.  FHA appraisers are trained to note any repairs that make cause the buyer a hardship to repair on their own.  This would be for MAJOR things such as needing a new roof.  Again, this kind of expense may make it difficult for a buyer to keep up their mortgage payments.     
  • January 13 2011
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Profile picture for Liberty Mortgage
Will not work-  In order to get an FHA appraisal, you will need a case #.  A case # can only be assigned when a request is made through the FHA system.  In order for a request to be made, a lender must input information on the borrower.  Since there is no borrower, no information can be entered. 
  • January 13 2011
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Profile picture for Steven G. Hinton
The Lender will only use the appraisal that they order.
 
But we are free society so you can order any type of appraisal you like, it just won't be used. Wouldn't slow things down as the lender would not be paying any attention to it.
  • January 12 2011
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Profile picture for hoth1
Thank you!!
  • January 12 2011
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Sellers cant do that - its all the buyers thing..
  • January 12 2011
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The seller has no say in what type of financing the buyer chooses. Well,...you can choose not to sell. But you cannot force anyone to use an FHA loan. Nor can you choose the Appraiser.

Besides,...FHA does not mean quicker or easier. Apparently there is an issue that needs to be addressed. If there is an issue,...it will be an issue with pretty much any type of financing.

Do you know what the cause of the slow down is? Could be 100 things.
  • January 12 2011
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Profile picture for daveskow
That move would definitely" throw more cogs on the wheel" plus I dont think you would even be able to do this
  • January 12 2011
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