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FHA appraisal came in 30k under sale price, new home construction. Do I have any course of action?

One week prior to closing, FHA appraisal came in 30k under sale price of home.  This is a new construction home so many of the comps were not even public record as of yet.  KB homes has filed appeal but we don't expect it to change as it goes back to the appraiser who originally did the appraisal.  Do we have any other avenues to pursue in order to appeal?  Can we take action against the appraiser for not performing adequate research of comparable homes? 
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April 26 2009 - Apopka
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Answers (4)

Can you order another appraisal when it is FHA?
Is there a way to get a different case number?\
The reason I am asking this is because I am in a similar situation.
This is an existing home that has been appraised at 23,000 dollars below selling price and the appraiser used comps that were not in arms length of the property and also used a foreclosure, a HUD, and bank owned which mine is consumer owned.
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April 30 2009

Once you have a FHA appraisal attached to the FHA case  number that appraisal stays with the property for 6 months, purchase or refi.  You cannot order another appraisal.

Wait to see what the appeal comes back at.

If you seller won't renegotiate the sales prices, walk away.  The sales price is then the lower or the purchase price or the appraisal. 

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April 26 2009
MP,

In all probability, another appraisal will come in close to what was received. Personally, I wouldn't appeal. I'd have KB adjust the sales price to appraised value or walk away from the deal. ... If they say you'll lose your deposit tell them you will be seeking Legal Remedy.

In CA, KB was offering Realtors some serious compensation to move inventory. I would think the situation is even worse for them in FL. If you walk and love the house, I'll bet in 30 days you can buy it for less than the appraised value you received..... Best wishes, Rudi
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April 26 2009
Order another appraisal.
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April 26 2009
 
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FHA appraisal came in 30k under sale price, new home construction. Do I have any course of action?
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