topic Re: How long does an FHA appraisal take? in Mortgage Loans

How long does an FHA appraisal take?

Anonymous — Mon, 21 Nov 2011 19:43:15 GMT

My appraisal was ordered on Friday early afternoon. I was hoping to get an update on when the appraisal actually is, but I haven't heard anything from the LO. My realtor said normally it is only 3 business days from the time they order the appraisal until the appraisal is done and reviewed. I thought that sounded crazy fast.

What has been your experience with FHA appraisals and how long they take? Should I get a notification from the realtor or the LO when it is being done?

I asked LO how soon I need to have the homeowner's insurance quote set in stone and she said probably a couple weeks. Does that mean we should close in a couple weeks?

Re: How long does an FHA appraisal take?

Anonymous — Mon, 21 Nov 2011 20:01:56 GMT

Looks like we're still in this together!! My appraisal was last Tues & no results yet. "Supposed" to be back tomorrow afternoon (they said that last Thursday too)!!

Re: How long does an FHA appraisal take?

Anonymous — Mon, 21 Nov 2011 20:27:53 GMT

Holly, I hope you hear something really soon!

Re: How long does an FHA appraisal take?

Anonymous — Mon, 21 Nov 2011 20:34:04 GMT

I hope you do too!! My hair is turning gray! lol!!

Re: How long does an FHA appraisal take?

Booner72 — Mon, 21 Nov 2011 20:56:38 GMT

Hi, Toolie - Mine was ordered Friday and I had the report the following Friday. She did the appraisal that next Tuesday - pretty fast!

Re: How long does an FHA appraisal take?

incognitony — Mon, 21 Nov 2011 23:58:08 GMT

Waiting on the appraiser for the THIRD time in this process. First time was about a week and then took her almost a week to check that the house was painted in one place to conform to FHA. Now waiting since Friday for her to sign off on a couple of closing conditions. This (person) is probably going to cost us having our Thanksgiving in the house. If she does I may be the Grinch that steals her Christmas.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 04:06:35 GMT

My LO ordered mine on last Tues. or Wed. and the appraiser did it on Fri. We got unofficial word today on the repair he wants done. No official report yet or what he appraised the house for.

I got an email from my LO telling me what repair the appraiser wants done. The appraiser was VERY lenient.

As far as home owners insur., my LO said he wants that info. when we close so yes, Id say you're probably going to close in a couple of weeks.

Im never going to close b/c my realtor and loan officer are totally NOT on the same page....

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 18:22:30 GMT

*******CLOSING VIBES**********for VintageGal!

It is Tuesday, appraisal supposedly ordered on Friday, and haven't heard a word from my LO. I talked to my realtor today and she said she hasn't heard anything or even been able to get in touch with my LO! Great just my luck, they took my $$$ and ran! I am just kidding!

Hopefully, they are gone for the holiday week and just aren't able to answer an email! I was hoping it would be this week and we would have the appraisal report by next week. Maybe that just wasn't in the cards.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 18:29:02 GMT

What now?????? Just got our appraisal back............$20,500 LESS than contract price. What happens now?? This is my 1st home purchase...any help???

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 18:47:35 GMT

@Anonymous wrote:
What now?????? Just got our appraisal back............$20,500 LESS than contract price. What happens now?? This is my 1st home purchase...any help???

OH NO Holly, that is your worst nightmare, I am sure. I think that you have to either make up the difference with your own cash or try to renegotiate the price. Hopefully your sellers are receptive. Is your loan FHA? I have read that an FHA appraisal gets logged into some system and is good for 6 months, so if another buyer tries to go FHA on the house, the appraisal would be available making it harder to get it financed. I guess that is one way you can get the seller to negotiate.

I hope this doesn't happen with me, because my seller is not motivated at ALL! I know he won't lower his price and I definitely don't have anymore cash to put down. My realtor told me FHA has a funny way of normally appraising the house for what your contract states because they want houses to sell and if you are willing to pay that much for the house then it makes good sense. But from what I see on these boards, that might not be the case anymore.

Good luck and keep us posted.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 19:13:15 GMT

The realtor is supposed to be sending some paperwork to the appraiser.....not sure what. I'm guessing the seller may have had an appraisal in the last year because they did a massive remodel.

One positive way for me to look at it is....it's just giving my cc payoffs more time to hit my credit reports & reflect in my score!!!

Our seller didn't want to negotiate when we did the purchase contract so I KNOW she won't want to negotiate now!!

Re: How long does an FHA appraisal take?

incognitony — Tue, 22 Nov 2011 20:37:42 GMT

Found out that they are waiting on pictures of where the carport was painted to be sent in from her. This was done over 2 weeks ago. Why are there so many incompetent people employed in this business.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 20:49:49 GMT

@incognitony wrote:
Found out that they are waiting on pictures of where the carport was painted to be sent in from her. This was done over 2 weeks ago. Why are there so many incompetent people employed in this business.

Don't you wonder sometimes if we as the loan applicant didn't call for updates some things wouldn't get done?

Re: How long does an FHA appraisal take?

Jazzzy — Tue, 22 Nov 2011 20:59:40 GMT

@Anonymous wrote:

OH NO Holly, that is your worst nightmare, I am sure. I think that you have to either make up the difference with your own cash or try to renegotiate the price. Hopefully your sellers are receptive. Is your loan FHA? I have read that an FHA appraisal gets logged into some system and is good for 6 months, so if another buyer tries to go FHA on the house, the appraisal would be available making it harder to get it financed. I guess that is one way you can get the seller to negotiate.

I hope this doesn't happen with me, because my seller is not motivated at ALL! I know he won't lower his price and I definitely don't have anymore cash to put down. My realtor told me FHA has a funny way of normally appraising the house for what your contract states because they want houses to sell and if you are willing to pay that much for the house then it makes good sense. But from what I see on these boards, that might not be the case anymore.

Good luck and keep us posted.

Just a reminder that FHA doesn't appraise the property....an independent appraiser will do that. Nor does FHA have input when the appraiser is visiting the property in order to determine value. Neither the lender nor FHA see the appraisal until it is finished.

Re: How long does an FHA appraisal take?

incognitony — Tue, 22 Nov 2011 21:00:39 GMT

@Anonymous wrote:
@incognitony wrote:
Found out that they are waiting on pictures of where the carport was painted to be sent in from her. This was done over 2 weeks ago. Why are there so many incompetent people employed in this business.

Don't you wonder sometimes if we as the loan applicant didn't call for updates some things wouldn't get done?

To be fair the LO has sent multiple requests for the pictures and we all have the pictures but the underwriter needs them to be from the appraiser directly

. This has caused the seller to have to make another payment and he is ticked. He is a cop so maybe he would look the other way if we paid her a visit...

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 21:07:27 GMT

@incognitony wrote:
@Anonymous wrote:
@incognitony wrote:
Found out that they are waiting on pictures of where the carport was painted to be sent in from her. This was done over 2 weeks ago. Why are there so many incompetent people employed in this business.

Don't you wonder sometimes if we as the loan applicant didn't call for updates some things wouldn't get done?
To be fair the LO has sent multiple requests for the pictures and we all have the pictures but the underwriter needs them to be from the appraiser directly
. This has caused the seller to have to make another payment and he is ticked. He is a cop so maybe he would look the other way if we paid her a visit...

Maybe HE could pay her a visit and ask her to do what she needs to do!!! LOL!

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 21:59:35 GMT

@Anonymous wrote:
*******CLOSING VIBES**********for VintageGal!

It is Tuesday, appraisal supposedly ordered on Friday, and haven't heard a word from my LO. I talked to my realtor today and she said she hasn't heard anything or even been able to get in touch with my LO! Great just my luck, they took my $$$ and ran! I am just kidding!

Hopefully, they are gone for the holiday week and just aren't able to answer an email! I was hoping it would be this week and we would have the appraisal report by next week. Maybe that just wasn't in the cards.

Awww thanks for the closing vibes. Funny, my realtor nor I can ever get a hold of my LO either! I hope the holidays dont delay your appraisal too much, Tooliebell.

I know our appraiser is super busy & I hope we get the final report before T-giving. I think we have a crappy appraiser. Our inspector told us the roof was at the end of its life & needs to be replaced (along with a roofer who told us the same thing). The appraiser said he thinks the roof has atleast 3 yrs, maybe even 10 years! Say what!

My realtor sent the appraiser a copy of our inspection report & roofer's estimates, so we're waiting to see what the appraiser will do with the info. What a hot mess.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 22:07:05 GMT

@Anonymous wrote:
The realtor is supposed to be sending some paperwork to the appraiser.....not sure what. I'm guessing the seller may have had an appraisal in the last year because they did a massive remodel.

One positive way for me to look at it is....it's just giving my cc payoffs more time to hit my credit reports & reflect in my score!!!

Our seller didn't want to negotiate when we did the purchase contract so I KNOW she won't want to negotiate now!!

Ohhhh Holly, I hope it works out in your favor! I would flip if our appraisal is way under. Our sellers didnt want to negotiate much either. The wife fought tooth and nail until we gave our best & final offer (then she gave in).

Keeps us updated, Im curious to see what happens in your situation.

Re: How long does an FHA appraisal take?

Anonymous — Tue, 22 Nov 2011 23:57:17 GMT

I did find out that the appraiser used some comps with the wrong school district....I'm sure that makes a difference (the district we DID NOT want our son in!!) but I highly doubt a $20k difference!

So, the realtor pulled more comps & is sending to the LO who has to give to the UW who has to pass on to the Appraiser. What a circle *erk!! Anyway, still looking at the positive side that my Cap 1 cc stmt cut so should hit my CR any day!! I need 3 more points!!! (I'm sure I'll hit it with 1 payoff & 2 HUGE util reductions)

Re: How long does an FHA appraisal take?

Anonymous — Wed, 23 Nov 2011 13:28:14 GMT

@Anonymous wrote:
I did find out that the appraiser used some comps with the wrong school district....I'm sure that makes a difference (the district we DID NOT want our son in!!) but I highly doubt a $20k difference!

So, the realtor pulled more comps & is sending to the LO who has to give to the UW who has to pass on to the Appraiser. What a circle *erk!! Anyway, still looking at the positive side that my Cap 1 cc stmt cut so should hit my CR any day!! I need 3 more points!!! (I'm sure I'll hit it with 1 payoff & 2 HUGE util reductions)

I hope it works out for you. It does seem like a convulted way to get information to individuals.

Our appraisal is this morning! I was so nervous last night but hubby and I talked and I told him we need to prepare ourselves for the worst and be okay to walk away from the the property if we need to. I am hoping by early next week we have the appraisal report and can set a date to close.