An appraisal is for the lender; a home inspection is for the buyer. fha requires an appraisal, but not a full inspection. However, the FHA appraisal does includes a cursory inspection. This is a cause of confusion for many home-buyers. FHA homes are not luxurious, but they must meet the Housing Quality Standards (HQS).
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· Though an appraisal does not replace a full home inspection, Underwriters and Investors rely on the appraiser’s report to determine if the property meets the MPS – this is true of conventional, FHA, and VA appraisals. FHA and VA appraisals do, however, have slightly different health and safety checks that are required during the home.
· FHA Appraisals and Reconsideration of Value. When an FHA assigned appraiser submits his or her report and the fair market value of a given property is established, sometimes the buyer or seller may disagree with that determination of value.
The FHA appraisal is meant to give the bank and/or FHA a head’s up if there are any issues with the property. Typically, this pertains to safety or sanitary issues. Of course, if the appraiser finds that the home is not livable, that would affect the home’s ability to secure FHA financing.
An FHA appraisal has the same basic attributes as any appraisal. A value is placed on your house by evaluating it against comparable properties in the area. However, FHA guidelines require that the appraiser also makes sure the house meets certain safety standards.
If an appraiser is not FHA certified, they are not permitted to complete an FHA appraisal. In addition, FHA requires the appraiser to do a more thorough inspection of the property. On a conventional appraisal, the appraiser is only required to complete the report "subject to" items that affect the safety, soundness, or structural integrity.
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The world’s largest mortgage insurer can only check for mortgage defects on a “small” number of mortgages due to technological shortcomings and that’s leading to a potential rise in appraisal-related.
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The appraisal helps the borrower know whether the asking price of the home is higher than it should be compared to similar homes in the area, but the FHA appraisal is not a tool for the borrower. New purchase loans require the lender to determine the fair market value of the property.