FHA loan for an auction property
Is it possible I can get an FHA loan for an auction property? My concern is that FHA seems to have very restricted appraisal checklist. But most auction properties have very run down look such as dirty carpet, missing appliances. The water is turn off by the county. Is it possible I can ask the foreclosure lender to turn on the water and fix certain things before I get an FHA appraisal?
Its been done. You just need to work with an experienced Lender. Your Realtor should also be able to guide you. Good Luck
Kamal Randhawa
Broker
510-932-1066
Not likely...FHA has strict guidelines and most auction properties are "as-is". What you see (or don't see) is what you get. The FHA lender will want a clear FHA appraisal (everything item on their list up to par) to release the funds to close.
Unfortunately, it's a long list of items that needs to be considered in order for the appraiser to clear the inspection.
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