2nd Appraisal request After Closing FHA

[JT1599]

Good afternoon, I just received an order for an FHA loan which has already closed. As per lender this will be the second appraisal as is a "lender" requirement. I just find it odd that the request is coming post closing nearly 1 month later. Has anyone ever got anything like this. Thank You For Your Responses. I just don't have a good feeling about this...m2:

 

[Meandering]

I think a percentage of them have to have second appraisals. The lenders are not allowed to charge the borrowers for the second appraisals, so maybe it's taking some time to decide which ones they want seconds on.


.

 

[JT1599]

I think a percentage of them have to have second appraisals. The lenders are not allowed to charge the borrowers for the second appraisals, so maybe it's taking some time to decide which ones they want seconds on.


.

my issue is that the property already closed and the people are living at the house, plus they want the report on a 1004 which is for lending purposes only and the lending has already been done, property is closed.

 

[CANative]

They probably want an FHA scope of work using an FHA approved appraiser. But I'll bet there is no case assignment number.

A party can order an appraisal of the same property every 15 minutes if they want and an appraiser would be free to do that if they could.

 

[JT1599]

They probably want an FHA scope of work using an FHA approved appraiser. But I'll bet there is no case assignment number.

A party can order an appraisal of the same property every 15 minutes if they want and an appraiser would be free to do that if they could.

The order is for purchase and has an FHA assignment number.

 

[Ca Ar Independent]

Is the "borrower" on the "purchase" for the "second appraisal" the same buyer as the "closed" sale?

 

[Mr Rex]

my issue is that the property already closed and the people are living at the house, plus they want the report on a 1004 which is for lending purposes only and the lending has already been done, property is closed.

Care to share the exact verbiage of this limitation?

 

[JT1599]

They probably want an FHA scope of work using an FHA approved appraiser. But I'll bet there is no case assignment number.

A party can order an appraisal of the same property every 15 minutes if they want and an appraiser would be free to do that if they could.

Is the "borrower" on the "purchase" for the "second appraisal" the same buyer as the "closed" sale?

Yes same borrower.

 

[Meandering]

They want a full interior inspection?

Maybe the people that bought it decided to sell it. Had that happen to me once, at the freaking closing table. The guy bought the house, we finished the paperwork, he turned right around to me and asked me to list it for sale, decided he did not want to move into it, and did not want it.

Blew my mind, so I gave the whole package to the Broker, let her figure that nutcase out. But it does happen.


.

 

[JT1599]

Care to share the exact verbiage of this limitation?

Don't have the Exact verbiage right now, I just use the 1004 for lending as I was taught and GP forms or narratives for everything else.