Low Appraisal, Items Not Counted, And A Deal Lost

[egmr]

Me thinks what you are really saying is - never lived in since it was purchased from the former owner and remodeled.

Yes, that is a true statement. I feel like it is in like new condition. This was a foreclosure that sat empty for more than a year.

 

[egmr]

Do tell the PRIOR sales price of the house.



I bet it's a flipper.

You should thank the appraiser for saving you $10,000. Doughnuts are nice or some bagels for breakfast.

No, he COST me 10,000. I am the seller and yes, it is a flip. So what. It is no "hack" job. My husband is a professional with an excellent reputation.
We (he) does not cut corners, ever.

 

[egmr]

No, he COST me 10,000. I am the seller and yes, it is a flip. So what. It is no "hack" job. My husband is a professional with an excellent reputation.
We (he) does not cut corners, ever.

We purchased for 28000.

4/13 bank takes possession for 57771
6/05 last "real" sale for 86,300.

 

[egmr]

Here are the facts.

Never lived in. = How old is the house you remodeled? How old is the roof?

new plumbing throughout, = small leak in the pressure relief valve on hot water tank,

new fixtures (lights, faucets etc), = a light switch without a cover (exposed wires)

all new paint, = peeling paint on the garages

refinished wood floors. = not new floors

All work professionally done. = no smoke detectors

The appraised home is on the edge of a very prominent neighborhood. = ??? Does this mean there is a slum on one side of the property and McMansions on the other side of the property?

Completely remodeled.
He also gave the home a C3 rating, I and my realtor felt it should have been C2 since it was completely remodeled and never lived in.

How old is the roof? Siding? Refinished floors are not new floors. Did your Realtor explain the difference between remodeling and renovation?

So these are the inconsistencies in what your posted. I don't understand the "known prostitution area" comment. If prostitution is illegal, where are your police? As for us, we have fair housing laws to abide by, so you would need to show the prices of similar homes there, vary, based on location, to the prices of similar homes in your neighborhood.

Other than you being angry, I don't see any question we could help you with.

I wanted a field inspection, something my realtor had never encountered. = A field REVIEW maybe??

It is my understanding that the underwriter has the power to ask the mortgage (bank) company to go and look for themselves and decide if another appraisal is warranted, at their expense.

Don't hold your breath on them coming to look at your property. They could ask for another appraisal, but would have to explain to FHA why.

I am now stuck with this appraisal for at least 120 days the way I understand it. Nope. check the FHA case number with FHA. If they never got the appraisal, then it did not happen as far as FHA is concerned. However a conventional lender will not have record of an FHA case number where the loan did not happen.

Perhaps you need a more knowledgeable salesperson, not just one that will tell you what you want to hear.

.

How do I go about checking the FHA case number with FHA? Is this something that can be done online or do I need to call them? Thanks!!

 

[TRESinc]

How do I go about checking the FHA case number with FHA? Is this something that can be done online or do I need to call them? Thanks!!

you don't. you are the seller, not the buyer. you are not even entitled to a copy of the appraisal.

 

[egmr]

you don't. you are the seller, not the buyer. you are not even entitled to a copy of the appraisal.

Okay. So, since the sale did not go through and no mortgage was issued what happens to the appraisal? As the homeowner and seller am i stuck with this number or not?
If so, for how long? If I am stuck would it only be visible and available to an FHA buyer? How would it affect a conventional buyer? I need to decide what to do here. Take it off of
the market until spring, get a new agent and try again now?

 

[TRESinc]

Okay. So, since the sale did not go through and no mortgage was issued what happens to the appraisal? As the homeowner and seller am i stuck with this number or not?
If so, for how long? If I am stuck would it only be visible and available to an FHA buyer? How would it affect a conventional buyer? I need to decide what to do here. Take it off of
the market until spring, get a new agent and try again now?

the FHA case number has nothing to do with you, only the buyer in this transaction. you can do whatever you want at this point as the seller.

 

[JTip]

and yes, it is a flip.

Appraiser by day, psychic by night.

We purchased for 28000.
4/13 bank takes possession for 57771
6/05 last "real" sale for 86,300.

In MY MARKET (not Ohio), installing granite in a sub $100k home is an over improvement.

 

[The Warrior Monk]

Okay. So, since the sale did not go through and no mortgage was issued what happens to the appraisal? As the homeowner and seller am i stuck with this number or not?

I'd recommend speaking to your attorney regarding the ramifications of the buyer not being able to obtain financing. It should be spelled out in your contract.

How would it affect a conventional buyer?

It wouldn't. The appraisal was performed for a particular client. It has nothing to do with any other client.

I need to decide what to do here.

Speak to your attorney.

 

[egmr]

the FHA case number has nothing to do with you, only the buyer in this transaction. you can do whatever you want at this point as the seller.

I am being told that any future buyer, whether FHA, VA or conventional will see the current case number and appraisal. I am being told this
will hurt (red flag) any future purchase for about 4 months. I guess my question is this: How will this appraisal affect a future sale if an appraisal has to be done.

Yes, I am unhappy I lost my buyer but, I am also unhappy because I am being led to believe it also hurts me going forward. That upsets me more than anything right now.