Comments on: House #12: Appraisal Woes http://www.123flip.com/house-12-appraisal-woes Education for the Serious House Flipper Sun, 21 Mar 2010 15:40:46 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Carl Lenocker http://www.123flip.com/house-12-appraisal-woes/comment-page-1#comment-2453 Carl Lenocker Thu, 08 Oct 2009 20:22:51 +0000 http://www.123flip.com/?p=1498#comment-2453 I had an FHA buyer get a low appraisal last year. They told me I had a right to request a second appraisal, so I did -- and the next guy they sent out hit it right on the nose. - Hakrjak I had an FHA buyer get a low appraisal last year. They told me I had a right to request a second appraisal, so I did — and the next guy they sent out hit it right on the nose.
- Hakrjak

]]> By: Jingle http://www.123flip.com/house-12-appraisal-woes/comment-page-1#comment-2452 Jingle Thu, 08 Oct 2009 19:28:04 +0000 http://www.123flip.com/?p=1498#comment-2452 I've also always been told the appraisals attached to the house for 6 months with a FHA. Thankfully, I've never had to put it to the test. The policy (true or not) has never made any sense to me. $30K is a formidable gap. I had a bad appraisal about 9 months ago and talked and data'ed with the appraiser until I was blue in the face. (I had more than ample comps which supported my price and she poo-pooed each one) This lady wasn't going to change the appraisal. In the time crunch to close, I let it go and ate $3000. Sometimes you're the bug, sometimes you're windshield. Good luck with the outcome. Most of all, congratulations on the new addition to your family! Jingle I’ve also always been told the appraisals attached to the house for 6 months with a FHA. Thankfully, I’ve never had to put it to the test. The policy (true or not) has never made any sense to me. $30K is a formidable gap. I had a bad appraisal about 9 months ago and talked and data’ed with the appraiser until I was blue in the face. (I had more than ample comps which supported my price and she poo-pooed each one) This lady wasn’t going to change the appraisal. In the time crunch to close, I let it go and ate $3000. Sometimes you’re the bug, sometimes you’re windshield. Good luck with the outcome.
Most of all, congratulations on the new addition to your family!

Jingle

]]> By: Steve http://www.123flip.com/house-12-appraisal-woes/comment-page-1#comment-2451 Steve Thu, 08 Oct 2009 16:47:49 +0000 http://www.123flip.com/?p=1498#comment-2451 Keep me updated on what happens. It is fun how these "rules" are interpreted and acted on differently everywhere. Keep me updated on what happens. It is fun how these “rules” are interpreted and acted on differently everywhere.

]]> By: J Scott http://www.123flip.com/house-12-appraisal-woes/comment-page-1#comment-2450 J Scott Thu, 08 Oct 2009 16:44:44 +0000 http://www.123flip.com/?p=1498#comment-2450 Steve - It's interesting that you say that. I thought that too, until the first time this happened (a couple months ago on another property). That deal fell through, but the new buyers were able to come along and get another FHA appraisal (different broker/lender) and the first one never showed up in the system. I'll have to investigate a bit more to figure out what the difference may have been. Thanks for the info! Steve -

It’s interesting that you say that. I thought that too, until the first time this happened (a couple months ago on another property). That deal fell through, but the new buyers were able to come along and get another FHA appraisal (different broker/lender) and the first one never showed up in the system.

I’ll have to investigate a bit more to figure out what the difference may have been.

Thanks for the info!

]]> By: Steve http://www.123flip.com/house-12-appraisal-woes/comment-page-1#comment-2448 Steve Thu, 08 Oct 2009 03:00:15 +0000 http://www.123flip.com/?p=1498#comment-2448 Bad news is FHA appraisals are tied to the property for 6 months. At least that's how it works in California. I was at a seminar and they mentioned that if the appraisal is unjust you can report them to the Appraisal Institute for discipline. You can also have an appraiser you know challenge it. But if the comps are non-existent I don't know what your options are? Lease-option? Bad news is FHA appraisals are tied to the property for 6 months. At least that’s how it works in California.

I was at a seminar and they mentioned that if the appraisal is unjust you can report them to the Appraisal Institute for discipline. You can also have an appraiser you know challenge it. But if the comps are non-existent I don’t know what your options are? Lease-option?

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