Low FHA Appraisal with possible errors

Low FHA Appraisal with possible errorsLow FHA Appraisal with possible errors
antifomiclink asked 5 years ago

Hey everyone! First time poster and home buyer here. I wanted to get anyone and everyone’s advice on a situation I am having as a buyer.

 

We had an FHA appraisal done on a home. We offered 138,800. The appraisal came back at 111,000. It was a big shock, but the appraiser did not seem to use appropriate comparable homes, which worried that we might be victims of a negligent appraiser.

 

The new home is in an HOA, where multiple comparable homes have sold in the last year. The appraiser did not use any of these homes as comparables.

The appraiser used other comparable homes within the city, but these homes all have 10,000sq/ft less lot size than the new home. This home also has a remodeled kitched and bathroom, with half an acre of lot completely fenced in.

 

We asked for the appraiser to change the appraiser to at minimum reflect homes with comparable lot sizes within our HOA. He has completely refused. My concern is that in FHA guidelines it states the following;

 

For properties in established subdivisions, or for units in established condominium or PUD projects that have resale activity, the appraiser should use comparable sales from within the same subdivision or project as the subject property if there are any available. Resale activity from within the subdivision or project should be the best indicator of value for properties in that subdivision or project. If the appraiser uses sales of comparable properties that are located outside of the subject neighborhood, he or she must include an explanation with the analysis.

 

Since the apprasier provided no explanation about why other comparable homes outside the HOA were used and refuses to update with accurate comparable homes, is there anything we can realistically do to resolve this?

 

Any and all advice is very much appreciated, and thanks everyone in advance.


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Thanks Brian, Pramod, and mortgageratestexas

opticalriot replied 5 years ago

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My bank (WellsFargo) doesn’t allow bi-weekly payments. They don’t apply
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Pramod Badhaan replied 5 years ago

Nice tips

mortgageratestexas replied 5 years ago

Thanks for the tips!

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