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So nervous! Some questions, please help?

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Sarah Nick

Thread Starter
Freshman Member
Joined
Feb 9, 2008
Professional Status
General Public
State
Arkansas
Hi! My name is Sarah and I'm a :new_newbie: here. I'm a first time homebuyer, and qualified for an FHA loan so I'm very excited! The problem is, I found my dream house, but I'm not sure if it'll be FHA approved. I put in an offer pending the FHA inspection/appraisal, but I don't really know how it all works.

The house was built in '84 and is in great shape-- it's just missing carpet in one spare bedroom and bathroom, and it's missing a stove top. All of the rest of the appliances (oven, microwave, dishwasher) are included. It's on a lake and on an acre of land and it's a foreclosure so it's selling for WELL below market value. I just need to know if the FHA inspector will care about the carpet or a couple of unfinished areas of the hardwood floor? Will they care about the missing stovetop? It looks like the roof will need to be redone in 5 years, because it's the first-year original roof. Will any of these things keep me from getting the house of my dreams?

What all does the FHA check in an inspection before they give the okay? What are their standards?

Thanks so much for your help!
 
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Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Ms. Nick,

Quick question back for you. Assuming anyone here actually attempts to provide you a response regarding the almost 3/4 of an inch thick manual on FHA standards, or perhaps gives you an on line link to it.....

What is it you hope to do with the information? Either repairs are going to be called for, or they won't. Most likely depending on if your loan source hired an appraiser with ethics, or specifically seeks out appraisers that have none at all.

By the way, the person is NOT an "FHA Inspector" ..... FHA does not have inspectors. The appraisal is to meet FHA standards and it is a real estate appraisal. It is not a home inspection. Also, I hope your assumption of the price being below market value due to this being a foreclosure sale is correct for you. But making an assumption the price is below market ONLY because this is a foreclosure sale is a false assumption. Baring other data confirming this, you have no reason to beleive the asking price, or your offer price, is below market value.

Webbed.
 
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Sarah Nick

Thread Starter
Freshman Member
Joined
Feb 9, 2008
Professional Status
General Public
State
Arkansas
It's just for my own piece of mind. This is a foreclosure, and there is another offer already on the table, and I'm just worried the lender might either deny my offier just because it's FHA, or that I'm opening myself up to a nightmare here because the bank isn't going to make any repairs on the place-- of that I'm pretty sure.. I'm just nervous and I really want this house; that's why I asked.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Ms. Nick,

I have no doubt I would call for a third party inspection of that roof based on what you have posted about it. The other items I would have to see to decide. And then, a person really doing their job, versus one that never has seen a repair that ever needed to be required, might call for things that you have not considered at all.

I would not worry too much. The overwhelming stampede is to hire appraisers that barely have enough knowledge to know how to type, let alone actually appraise or know FHA standards. Relying on a lender / mortgage broker hired appraisal today is pretty much like playing Russian Roulet with your own head if the appraisal is important to you at all.

Webbed.
 
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