I currently have a buyer going FHA on a PFS short sale. As I understand it, the servicer will send out an FHA certified appraiser to do a full FHA appraisal, and will send it along to the seller and listing agent. Can the buyer use the same appraisal for his FHA loan?
Has anyone done this?
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My experience has been that the answer to this is, "No". The appraisal is for the PFS sale only, although it would make logical sense to be able to use it for your FHA buyer. The bank that was short selling in my situation was BofA so if you are working with a different bank you may want to at least ask. They will give you a copy of the appraisal if you ask for it.
My experience has been that the answer to this is, "No". The appraisal is for the PFS sale only, although it would make logical sense to be able to use it for your FHA buyer. The bank that was short selling in my situation was BofA so if you are working with a different bank you may want to at least ask. They will give you a copy of the appraisal if you ask for it.
Jim,
You have an excellent memory. I had to refer that buyer out. Was a shame, too, because the agent that she ended up using did not represent her well. Next time I will insist it goes to an agent I am familiar with. You can refer it to someone else within your brokerage and they don't have any control over whether or not you get a referral fee.
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