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FHA appraisal

forcuatroforcuatro member
Sixth Anniversary 100 Comments Combo Breaker
in Buying A Home

We are selling to a person that is getting an FHA loan.  I don't haave any experience with these so I don't know what to expect at the appraisal.  I know it is more like an inspection than a regular appraisal and I know there are certain things they look for (carbon monoxide and fire detectors, broken windows, etc.) but I don't know the extent of it.

Our home is old (built in 1937) but we have updates all of it.  It is in good condition but I am nervous that the FHA appraiser will find something obscure that will hold up their loan funding.

Does anyone have FHA experience?  Was there anything that you didn't expect that caused trouble after the FHA appraisal?

I really hope this is an easy process.

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Re: FHA appraisal

  • GeorgiaRiahGeorgiaRiah member
    100 Comments Second Anniversary
    My house was built in 1958.  I was really worried they were going to find a bunch of stuff to fix even though the house was in great shape.  I think it depends on how the appraiser is feeling that day.  My appraisal came back with nothing to fix an appraised and the selling value.  The biggest thing I hear about is that it appraises to low and that dollar amount stays with the house for 6 months.
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  • SCBride2007SCBride2007 member

    I know they are really big about chipped paint on any surface in a house built prior to 1975ish. They also are very concerned with broken doors/windows, etc. 

     We just bought a house with an FHA loan, and ours appraised at $6,000 higher than purchase price, so that was great. Good luck! 

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  • davisislandsdavisislands
    You said your home is updated so I'm assuming you've had all the plumbing and electrical upgrades done. Those are two huge things. Also they will look closely for ANY rotted wood. Even the smallest area that they find will be noted.
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  • joliananajolianana
    I second the rotted wood comment, and if you have any stone steps leading up to the house, those will be very carefully inspected. Also, just out of curiosity, what part of the country are you from that 1937 is old?
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  • forcuatroforcuatro member
    Sixth Anniversary 100 Comments Combo Breaker

    Plumbing and Electrical have been updated so that should help.  We also had a termite and mold clearance done two weeks ago.  I am just holding my breath and hoping for the best.

     

    BTW- we are in Central California.  There is only ony neighborhood in our town that is older than ours. 

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  • joliananajolianana
    Well that makes sense. I was looking at a house for sale here in Connecticut that I thought might be a bit on the old side, it was built in 1735 :-)
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