Buying A Home
lolc
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How long is an FHA home appraisal good for?
Our buyers are going the FHA-loan route. Just want to make sure that our buyer doesn't have a time constraint of 60 or 90 days that they are unaware of.
Re: How long is an FHA home appraisal good for?
Is your closing that far out where that would be a concern?
I guess I would not be worried about it unless your buyers are pushing closing date out that far. At that point, If I were you, I would consider trying to get out of the contract, and finding new buyers that want to close earlier.
Our closing is later than I feel comfortable with, honestly. But it's NOT the buyers - it is us.
Closing = On/before the end of June (it's been this way since mid-March, so just over a month now and ticking).
Anyway, our buyers' appraisal came back - 15k below what we agreed upon. We had the choice to either say no to the buyers, or to lower our price to the appraised value. After extensively researching our area and what criteria the appraiser used, etc... we decided to stay with these buyers and take the 15k loss.
But because we are now netting 15k less than originally anticipated, we do not want to have to move more than once if we can help it due to not only the headache of moving 3 kids but also the extra costs associated.
The delay is due to us trying to buy a home that is a short sale. If we could find a house in our desired area that wasn't a short sale, I would have much preferred that route... but no such luck. So far we are in limbo but our realtor is optimistic that this will go through in a fairly quick amount of time (as far as short sales go, anyway) as the sellers are motivated.
So our closing for our current home is on/before the end of June... and our ((hopeful)) closing for our new home is on/before the end of June. Basically the buyers agreed to work with us.
Whether we can push this short-sale more quickly or not, I don't know. All I know is that at the LATEST, our buyers will be closing at the end of June. But I hope it all happens sooner - for their sake and for ours!
~L~
Mommy to 2 boys, ages 7 and 5 and a little girl who is 1.5
Sorry you are in that position. Good thing you have understanding buyers!
Since you got me interested, I googled and found that they last 120 days, however, I would have your realtor check into that.