Home Appraisal requirements
Does any one know about FHA Requirements? My wife and I are selling our house…?
We stipulated that if the contract be “locked in” if the appraisal value of our home equals the contract price minus the 3.5% the buyer plans to put down on the house. For example, an appraisal of $96,500 is acceptable if the contract is drawn up for $100,000 since the $3500 difference is equal to the buyers LTV of 96.5%. The realtor for our buyers insists that the “correct FHA requirements” are that we cannot add in that particular stipulation. We are attempting a FSBO, and would appreciate any help.
good try on your part. I’m impressed since we have had the same problem with FHA apprasials coming in lower then sales price.
HOWEVER, it doesn’t work that way. The realtor is correct.
Commercial or Residential – Multiple Suites in a Property
New guidelines for choosing appraisers, comps
Fannie Mae said the new rules for appraisals adopted last year by Fannie Mae and Freddie Mac don’t bar Realtors or other authorized third parties from requesting that appraisers correct factual errors in their reports, or provide additional information or explanations about the basis for their valuations.
In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. home appraisal requirements Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. home appraisal requirements Which is why people feel differently about the appraisal value of a house.