Skip to main content

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/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more