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need fha appraisal help?
we are currently trying to buy a multi unit home through FHA and the only obstacle we have left is the appraisal. i have been told by our mortgage broker that no one will do the appraisal due to lack of sales withen a 20 miles radius in the last 6-9 months so we cant get the place. any help or ideas would be appreciated besides asking the seller to reduce the price or us pay more down. the house was originally listed at 187k now its just under 109k so im not worried about it being appraised for less
so far 2 appraisers will not take it due to lack of comparisons
5 Answers
- 1 decade ago
Ask your agent for help. They should be able to provide the info on every property sold in the area and possibly neighboring areas. Since the price has been lowered so much, see what you can get the land appraised for. There may be some land that has sold in the area even if houses are not selling. Finally, you can find out when the tax assessor last assessed the property. The tax assessor can provide you with the comps that they used to come to the taxable value of the property. Good luck.
Source(s): Years of working in the Relocation industry moving folks in and out of rural areas. - Expert8675309Lv 71 decade ago
Get another broker.
Seriously...he doesn't have the contacts to make it work.
I underwrote FHA loans for 15 years and have NEVER had a property not to close because of LACK of RECENT comps.
FHA, experienced (that is the key), appraisers know how to make it work that is acceptable.
The problem is your broker.
- ?Lv 44 years ago
An appraisal assesses the value of the domicile; i think you have been asking in case you will possibly desire to pay for an inspection, wherein case the respond isn't any, i does no longer. That roof must be thoroughly replaced. i recently dealt with my coverage employer inspectors and had my roof replaced with much less injury than the single on your photographs. you will possibly desire to pay for an inspection, despite the fact that it would fail and the inspector might aid you understand the comparable factor. $500.00 for maintenance? reliable success.
- ?Lv 71 decade ago
Have you tried hiring an appraiser? Just don't assume no one will do it. Otherwise you need to come up with the 20% and get a conventional mortgage
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- Anonymous1 decade ago
look for an fha certified appraiser. You may have to pay more but, if you're in love with the house then it may be worth it.