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.
How To Pay Off Your Mortgage Early & Should You Pay Off Your Mortgage
Thanks Brian, Pramod, and mortgageratestexas
this is Canadian!!!
Awesome advice. Thank you!
Looking forward to hear more from you guys! great video!
really Nice tips, Eager to see some more.
My bank (WellsFargo) doesn’t allow bi-weekly payments. They don’t apply
anything against the principle until I’ve made the full payment for the
month, so when I set up automatic bi-weekly payments, I didn’t save any
money on mortgage interest.
However, anything I paid above that was applied directly to the principle,
which is what you want them to do. Some banks will hold it to apply it
against the next month’s payment, or even use it to pre-pay interest (!)
unless you specify in writing that it should go against the principle.
Great info and love the set.
Thanks for the tips!