Answers (5)
- Eric Bard, "Eric Bard"
- Contributions:65
My experience with FHA appraisals is that they can take as long as 10+ days, so try and relax, as there's not much you can do to acceerate the process. It's truly an appraisal, not an inspection. However, they do typically require certain features be in place, such as a fire-rated door between garage and house, and often a railing where there is a staircase/steps front entry. But you'll get past all the processes required when purchasing your home, and then commence an exciting experience. Enjoy, and best of luck!
- John Carden, "CARDENJC"
- Contributions:11
The previous answer about the time frame is very accurate. About a week. The value as Sharon pointed out will usually fall in line with a good realtors market analysis.
The repairs for an FHA are slightly different than what a home inspector will find. FHA is concerned with health and hazard and maintenance of the structure. So Stairways needs a handrail? this comes under hazard. Mold? definitely under health. window exterior trim or fascia peeling. Maintenance. I know that you are nervous, but FHA appraiser is actually working for your benefit as much or more so than they are working for the banks benefit.
The repairs for an FHA are slightly different than what a home inspector will find. FHA is concerned with health and hazard and maintenance of the structure. So Stairways needs a handrail? this comes under hazard. Mold? definitely under health. window exterior trim or fascia peeling. Maintenance. I know that you are nervous, but FHA appraiser is actually working for your benefit as much or more so than they are working for the banks benefit.
- Kim Melendez, "kmelendez"
- Contributions:285
An appraisal that was ordered on Friday will not usually have result back on Monday. The appraiser has to have time to do their job. If ordered on Monday it has to be assigned to an appraiser first then the appraiser has to make an appt to go visit the property take measurements, pictures etc...then they have to do their work in the computer and pull comps etc.. it usually takes a week to get an appraisal back.
- Ari2011
- Contributions:18
Thanks Sharon, today or tomorrow would be fantastic. I started to wonder if maybe this is a longer process so I ask
I should have mentioned we are more worried about them coming back with stuff that needs to be fixed since it is FHA loan!
because they sound very picky, so I wonder if it is done w/a fine toothed comb
I should have mentioned we are more worried about them coming back with stuff that needs to be fixed since it is FHA loan!
because they sound very picky, so I wonder if it is done w/a fine toothed comb
- Sharon Lewis, "Sharon Lewis"
- Contributions:4259
You should know about the appraisal today or tomorrow, depending on your loan office.
They do look at things however they do not have to share that information with you.
You should have a fairly strong idea of whether this house will appraise from your agents comparative market analysis though so no need to be on pins and needles.
Good luck on your purchase, its exciting isn't it?
They do look at things however they do not have to share that information with you.
You should have a fairly strong idea of whether this house will appraise from your agents comparative market analysis though so no need to be on pins and needles.
Good luck on your purchase, its exciting isn't it?
When will we have the FHA appraisal results??
I am confused by this, are we going to get the results today?
I hope we will have the restults today.
Also, I know that the FHA guidelines for an appraisal is not an inspection, but don't they sort of "inspect"? We already had an inspection, and I imagine them probably going over things in the same fashion, am I right?
At the edge of our seats, thanks for any words of wisdom
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