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FHA Loan

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DJ

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Post Posted: Wed Jan 14, 2009 6:26 am    Post subject: FHA Loan
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Looking for some advice. In 11/08 i started the process to do an FHA refi on my house. The appraiser came and appraised our house at 325,000.00. For 06' and 07' when we refianced in both years our house appraised for 400,000.00 both times. That being said I find it hard to believe that we lost nearly 80,000.00 in 1 yr. The comps that the appraiser was using were inaccurate. He was using 2 and 3 bedrooms house with .10 of an acre and he was almost 200sqft off from what our house really is. My house is 4bedrooms on 1.78 acres.
I decided not to go with the that lender and began the FHA process with another lender. They sent their appraiser out and valued my house at 379,000.00. Now when they tried entering that info into HUD it wasnt letting them because the previous case # had that low appraisal attached to it. Is there anyway to make this loan go through.. Thanks...

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apexoffice
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Post Posted: Wed Jan 14, 2009 11:04 am    Post subject:
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The original appraisal will remain attached to the case # for 6 months. However, there are options. There is a proper way to request a value reconsideration. If you feel that the appraised value is inaccurate, you can specify your reasoning for reconsideration and offer sales of more similar properties for the appraiser to consider. Once that information has been offered, the appraiser must acknowledge your request by either including the sales you provided or providing a detailed explanation as to why those sales are insufficient for the analysis.

Here are a few tips for offering new sales for value reconsideration:
1. They need to be more similar to your property than the appraiser's selection and not have major quality or condition differences.
2. The sales should be recent, preferrably within the last six months. Offering sales from last year with reported declines in value over the past year will not help.
3. The sales should be located within your neighborhood. (or at least within similar or closer proximity than the appraiser's selection)

Best of luck to you! I hope this helps. Worst case scenario, you might have to wait until May to try it again or try other financing options than FHA.

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Benjamin Smith
Atlanta Area Appraiser
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