FHA appraisal dispute???????????

here is scenario..............house has 311 days............started list at $185K and worked our way down to $145K and got an offer of $130,500. Most I had received prior was $135K so decided to nab this offer up and see what would happen. Appraisal gets done and it comes in at $160K. The buyer won't go any higher than $135K. Bank won't do another appraisal for 4 months. Auction is set for 9/20 and is in redemption state so will have until 12/19 to sell before period is up. Loan is FHA and by 10/24 I have that lender will accept 84% of appraisal. That brings sales price to $144,600 which is still $10K higher than what thsi buyer will do. How do I get the bank to do another appraisal now and if that isn't possible would you recommend I have the seller do a DIL since we won't get anything close to what the bank will accept by the time the redemption period is up?

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Replies to This Discussion

Permalink Reply by Pattilynn Guilford on August 23, 2012 at 9:55am

Did you counter back? If its 84% of the appraised price, usually they take it. Counter and call HUD

Permalink Reply by Kevin - Greenville, SC on August 23, 2012 at 10:23am

Contact the FHA. FHA Guidelines permit another Appraisal to be done even if one has been completed within the last 120 days. The burden is upon the Lender to make sure the Appraisal is accurate.

Permalink Reply by Sheila Vardakis on August 23, 2012 at 10:30am

Great Kevin..............is that contact info posted on this site?

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on August 23, 2012 at 11:29am

You should be able to get a copy of the appraisal to see the comps and challenge it. Second call the HUD service center and get a ticket assigned. Then you will be able to call HUD negotiator directly. Usually they are pretty good at working through the issues.

Permalink Reply by Sheila Vardakis on August 27, 2012 at 2:04pm

Patti, buyer will not pay any higher than $135K so didn't figure it was even worth submitting. I need to get a variance on the appraisal.

so let me get this right..............I can ask the negotiator I am working with to give me a copy of the appraisal? I can then call HUD and have a new appraisal ordered?

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