FHA Loan-their appraisal below contract price

Hi all,

On a FHA listing under contract, FHA appraisal came back lower, I am a seller's agent---so I don't plan on sharing this information (as we know all appraisers will have their own value and they aren't usually the same).

 

I plan on waiting to see what the buyer's appraisal comes in at, but wanted to make sure the FHA in their infinite wisdom isn't going to share this information or not.  Or, if that is the "price" now?

 

As always-appreciate your insight

 

 

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Permalink Reply by Jeff Payne on April 21, 2011 at 8:05am
FHA will most likely approve the sale based on their appraisal....  I had one that we submitted an offer of $150,000 and FHA said no, they would take $144,900 because that was appraised value :)
Permalink Reply by Michael Schneider on April 23, 2011 at 7:22am

I have sold five or so FHA PFS short sales, where the purchase price was above the FHA ATP appraised value.

Never had a Servicer request that we lower the price, and frankly I have my doubts that they can or should do so, under their guidelines with the FHA.

I see no reason to share the ATP value with the buying side.  The "Sales Contract Review" contains the value, but the Closing Worksheet and the Payoff Letter will not, or at least, have not, in my experience.

Permalink Reply by Keji Ogunleye on April 25, 2011 at 12:58am
I'm in the same situation right now.. The FHA appraisal came back lower than the contract price.. I don't plan on sharing that information unless the buyer appraisal does not support the sales price...
Permalink Reply by Michael Schneider on April 25, 2011 at 3:19am

I have sold FHA properties $20K above the ATP value, btw.

It's the other direction that is the problem, FHA appraised value above FMV.

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