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Buy a house with FHA loan everything going smoothly untill appraisal.

So me and my wife was finally able to get a bid in and go under contract, just slight cosmetic repairs needed after inspection, but are an easy fix.

The house we got was at 205k asking we put our bid in for 210k escalation clause to 225k. Technically we didn't get that contract but got called 4hours later because the winning bid backed out putting us under contract for 217k which was great had the inspection done easy enough.

Then we had the appraisal which seemed like it went pretty fast because we paid the other day had the appraisal the next day, and he set the appraisal at the sellers asking price, which might make or break this deal, and going over the appraisal, he has the house down as a 2 bedroom 2 bathroom house. When it's a 4 bedroom 3 bathroom house.

Not sure on how appraisals work but 2 bedrooms are down stairs with escape windows all bathrooms are full baths one of them in the basement. And only compared it to 3 other houses in the area one up to 1 mile away for 215k the other 198k. And one for 205k

We had our agent try to get him to reconsider the appraisal, but what we herd from our agent is the appraiser is not budging. because we think he did his job way too quickly.

TLDR: I have a FHA loan. appraisal came in low, might not get house appraiser won't reconsider.

submitted by /u/BusterOtero
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sar23r/buy_a_house_with_fha_loan_everything_going/
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