We are currently in escrow on a foreclosed home.We have an FHA loan. We had our inspection and there are no major issues with the house, just minor wear and tear things. The inspector reported a couple of cracked roof tiles, which he said were not an issue right now, but over time, would need repair. That was fine with us. Our realtor informed us that the roof tiles may be a “deal breaker” with the FHA. The appraisal was last week and the home appraised for more than we are paying, obviously a good thing. I am wondering if anyone has experience with FHA loans and roof issues. We would hate to lose this house over a minor issue. We know these things take time and now we have to sit and wait. I was just wondering if anyone has been in a similar situation and how did it turn out? Or how long did it take for the lender to deny the financing?

we’re purchasing a house and it’s in escrow. the lender is charging $500.00 for the house appraisal, why is it so much. can we get it cheaper than that. also do they tell you what is wrong with the house if in case it does have plumbing or electrical problem. what other problems or questions should we ask before closing the deal. thanks!

We are in the process of buying a house. Everything is done such as the home inspection, qualifed and approved for the loan. We just had the VA appraisel done. The appraisal came back at $269,000. We negotiated back and forth and agreed to a price at $287,500. The original asking price was $300,000. The had an appraisal done in Aug. and the appraisal came back at $298,000. They had other buyers buying the house then and for some reason the deal fell through then. Does this make sense that appraisal came in so low. We really like this house. The agents are appealing the appraisal. Makes we wonder if should considering getting the house now. The seller already stated that they are not coming down that low.

We are looking to purchase an REO home that has been beat up a little.  There are nine doors, both closet and bedrooms, with damage from small holes to basically nothing left but hinges and the door knob.  Three cabinet doors have been ripped off of the kitchen and bathroom (all bottom cabinets).  The stairwell banister railing has been torn out as well as a banister across a “bridge” that overlooks the living room from the 2nd floor. There are holes in many of the walls ranging from human sized to golf ball sized.  None of which go completely through to the other side.  Structurally the house is sound and no damage was done other than this….that we can see…obviously a home inspection will be done.  I am certain that the banisters will need to be replaced due to safety.  What is the required height of the railing and the minimum spacing between spindles?
We have offered to make the necessary repairs to pass the appraisal inspection and just want to make sure we get it on the first go without fixing things that are not required.
Thanks for the feedback!!

I have a house with Marble baths and kitchen, vaulted ceilings in living room including a custom oak stairway that leads to master bedroom (on second floor), custom oak cabinets, full 100% fin basement, 4bedrooms, 3 baths, and whole first floor (except kitchen/bath) has brand new maple hardwood flrs, new electrical-plumbing-drywall, EVERYTHING NEW except brick exterior. The highest sold for $300k but that house is minimumly rehabbed, cheap kit cab, white bath, plain like, while my house is top of the line.
Know the question is, How in the world is my house, with all those extras (maple hardwood, marble bath/kitchen, oak stairway, vaulted/cathedral ceilings in living room) that no other house in that area or within a mile or 1.5 mile radius has be compared and valued the same as the lessor house, the one sold for $300k? Why can’t an appraiser adjust for those “extras”/go outside that area and say because of these extras, this house is worth $330-350 and lender excepts it????????

We are in the middle of a major remodel on our home, the following are things that we decided to change after the original appraisal was done how much more do you think these items will add to our appraisal,
*2 New -100 gallon Hot Water Heaters Electric
*New Septic Tank
*25 extra sq ft
*Retaining walls around 80% of the house with landscaping and flower gardens inside them
*all new plumbing
*all new bathroom, sink, bath tub with tile shower walls, tile flooring, toilet, and sheetrock.
I am trying to figure out if we go a little over budget if these additional things that we decided to do will increase the appraisal value? Thanks in advance for your answers

This is the first time I have ever purchased real estate, and both parties involved are selling by owner. I am considering a condo in a complex that ranges in price from $170,000’s to $220,000’s for 1, 2, and 3 bedrooms. The complex is 30ish years old. I am considering a 2 bedroom and the highest a comparable unit has ever sold in the complex is $192,000.
The unit I am interested in was appraised for $186,000 and everything in the unit was listed as in good condition. BUT the carpet is stained and torn, all the appliances but the fridge are still original and are rusted and dirty, the furnace is still original, and the kitchen floor (replaced 15-20 years ago) is peeling.
I have a home inspection scheduled for this weekend and the current owner is a very stubborn and doesn’t seem to understand anything we discuss; he is still convinced he bought for $176k 9 years ago, even though the property transfer records say $116. He has done nothing, NOTHING, since he moved in. Any advice?

I had my home appraised to refinace:$350. I was told to remove window air conditioners, then he would reappraise. Said units were a fire hazzard since they were in only windows in room and windows couln’t open. He returned:another$150. He took picture of old fencing stacked up on s ide of house(not blocking gate) that I will use for wood burning stove. He also appraised my house for 35,000 dollars less than it had been appraised for in Sept. I know the market is tough right now,but…My home is one of the nicer in the hood, but the homeacross the street, not so kept up is selling for lots more.This wasn’t an inspection. Is this protocol? I’ve had my house refinanced before. My credit score is 720, so that can’t be the problem I,m afraid this guy will blow my loan..my lender is in Wash.

I know traditionally the appraisal and inspections are done after an offer is made and accepted; typically the offer is contingent upon inspection and appraisal results.
I recently heard of someone allowing a buyer’s inspector to perform the inspection prior to making an offer, and that made me wonder if we could do the same with an appraisal.
We’re looking at a lovely home, the sellers already have an inspection report (of course we’ll do our own, later), but we feel the house is overpriced and we want to make a good solid offer the first time.
Has anybody done this? Is it possible?
Thanks.

Do electrical or water problems on property affect the appraisal?
Does FHA do home inspections? Can the electrical or water problems affect the approval of the FHA loan?