Financing in 23602>Question Details

Whome, Home Buyer in Virginia

So my FHA appraisal came in for my refinance. There is no way my house is worth what the FHA appraiser says it's worth. It is like 35000-45000

Asked by Whome, Virginia Tue Jun 1, 2010

over what I think the property is worth. I am thinking maybe I should just sell the place now that I have this appraisal. Will the appraisal carry any weight in selling the place?

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Not really. It will be Information that is helpful to your agent- to provide to buyers and other agents to support your list price. Price your home so that it is the nicest home in it's price range and price it under the similarly listed houses, so it is the best priced. The appraisal is nice to have, but the only way to sell your home is to have a buyer. With the market the way it is, you want to hire a Realtor. Interview several Realtors, have them all provide you with a Market Analysis.

I'm part of a Corp relocation network and have the information of the top agents in your area, if you are interested in referrals. Along with a recommendation from me, still pick atleast one agent of your choice. You will know after meeting them who you will work best with.

Goodluck! To contact me, 540-533-4793 or

Check out the company website linked below and feel free to call Trudy at (703) 266-5810, she specializes in helping people find agents outside of our area as well as in our area. Tell her you received her info from Beth Barnett and feel free to pass this info along to anyone else!!
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1 vote Thank Flag Link Tue Jun 1, 2010
I would pay close attention to the comparibles used. Are there Really 3 or 4 closed sales in the past few months or did the appraiser have to go back further or go out of the area? If you truly have comparible homes that are selling AND closing at those prices, maybe you will have better luck than you think.

I've had sellers obtain appraisals and there is no way that the house ever sell for the appraised price. When this happens, it just hurts the sale since the amount is stuck in the sellers head and pricing to sell is a battle. Have an agent run a market anaylsis and then sit down with the agent and compare comps used and learn the difference, if any.
0 votes Thank Flag Link Wed Jun 2, 2010
Thank you all for your input.
0 votes Thank Flag Link Wed Jun 2, 2010
The only difference between an appraisal for a refi and for a purchase is that the appraiser has to review the contract of sale for the purchase, and is not supposed to be given an estimate of value for a refinance. This is a new procedure since the HVCC regulations took place. Appraisers have been reviewing contracts of sale for a little longer than that, but it is also relatively new. I think what you are asking however, is whether you should sell now and buy another house, if your home is worth more than you thought is was? I don't know what the price of your home is, but you also have to take into account what a realtor will charge you, and what other closing fees would be. You might not end up with as much money in your pocket as you are thinking. Not to mention the fact that there are certain things that an appraiser adjusts for that are different than what the public wants when they see a home.
If you were considering moving, but didn't think your house would be worth enough to do so, then maybe it is the right time, but look carefully at the appraisal to see if you think that the comparables that were used are really comparables. You know the area and each neighborhood. there may be things that made these homes desirable to buyers, which may not hold true for yours. Then decide if you want to put yourself through the stress of selling. You have to fix the house up, keep it neat and clean, plus clutter free so that you are ready to show at a moment's notice. If you still feel that this is what you want to do, go for it.
0 votes Thank Flag Link Wed Jun 2, 2010
As other agents have stated, a refinance appraisal is not the same as an appraisal that would be performed by a buyer's lender. Since you are looking to refinance, then the appraisal will come in higher. But talk to your loan officer as well and ask them if you have to take a new loan out for the full amount.

If you are also interested in selling your home, email me and I will provide you with a comparative market analysis of like-kind properties that have sold in your neighborhood, and that will paint a better picture as to what your home would sell for in today's market.


Frank Biganski, Realtor
Reliance Realty, Inc.
(757) 303-0517
0 votes Thank Flag Link Wed Jun 2, 2010
Whome the appraisal does stay with the property but the purpose of the appraisal would be different. An appraisal for a refi is not done the same as as an appraisal for a purchase money mortgage from what I have seen as strange as that sounds. When an apparaisal is ordered the purpose of the appraisal is also noted so for a refi you are "stuck" with that value for 6 months, for a new purchase it is a whole new ball game.
0 votes Thank Flag Link Wed Jun 2, 2010
I thought the FHA appraisal was stuck with you for 6 months.
0 votes Thank Flag Link Wed Jun 2, 2010

NO. The buyer's lender will want their own appraisal done. Why should they rely on the appraisal done by your lender?
0 votes Thank Flag Link Tue Jun 1, 2010
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