Home Buying in 08065>Question Details

Antbug2001, Home Buyer in 08065

Is the FHA appraisal/inspection better than a private inspector or do you recommend both?

Asked by Antbug2001, 08065 Wed May 25, 2011

I recently put a bid on a townhouse, short sale that says "as-is".

Help the community by answering this question:


The FHA appraisal is a guarantee that the house is in good condition. In actuality, an FHA appraisal is for the lender, not the borrower. If you want to avoid buying a lemon, you will need a home inspection. At this time the FHA doesn't do home inspections. I would HIGHLY Recommend an inspection.

RE/MAX Premier Realty
13940 US Highway 441
Lady Lake, FL 32159
Phone: 352 406-1425
Phone: 353 406-0183
Fax: 352 347-4889
Email: nancysheehan@embarqmail.com
Website: nancysheehan.com
Web Reference: http://www.nancysheehan.com
0 votes Thank Flag Link Wed May 25, 2011
The FHA appraisal is a guarantee that the house is in good condition."

This is exactly why consumers are so very confused! Some people should not be allowed to answer questions if you ask me!
2 votes Thank Flag Link Wed May 25, 2011
Flag Fri Apr 11, 2014
An FHA appraisal is not a "guarantee" of anything, but an appraisal. FHA guidelines are strict, but to say this is a guarantee of any kind is incorrect. All appraisals are subject to the appraiser and vary by each individual appraiser. I have seen many more incorrect appraisals then I have seen correct appraisals, both FHA and “regular” appraisals. (my opinion)

You have to have an FHA appraisal to get your FHA loan, you have a home inspection for your personal knowledge of the property you are buying.
1 vote Thank Flag Link Wed May 25, 2011
An FHA appraisal is NOT an inspection. You should have a separate home inspection.
1 vote Thank Flag Link Wed May 25, 2011
Hello Antbug2001,
Thank you for your question.
The inspection an appraiser will do is not as detailed as the home inspector. I will recommend to have a home inspector check the property. It is worth the money. You do not want to be stuck on a money pit.
Good luck on your purchase. Feel free to ask me any other questions.
Ines De La Cruz
RE/MAX Connection
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Wed May 25, 2011
HUD (which governs FHA) strongly suggests you get a separate home inspection from the appraisal.

For Your Protection: Get a Home Inspection

0 votes Thank Flag Link Wed May 25, 2011
Definitely do Both.
Is there some reason your real estate agent couldn't answer this simple question??????

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0 votes Thank Flag Link Wed May 25, 2011
Here is what FHA Says:

Appraisals are Different from Home Inspections

A home inspection gives the buyer more detailed information about the overall condition of the home prior
to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential
new home to:

Evaluate the physical condition: structure, construction, and mechanical systems;
Identify items that need to be repaired or replaced; and
Estimate the remaining useful life of the major systems, equipment, structure, and finishes.
An appraisal is different from a home inspection. Appraisals are for lenders; home inspections are for buyers.

An appraisal is required to:
Estimate the market value of a house;
Make sure that the house meets FHA minimum property standards/requirements; and
Make sure that the property is marketable.

FHA Does Not Guarantee the Value or Condition of your Potential New Home

If you find problems with your new home after closing, FHA can not give or lend you money for repairs,
and FHA can not buy the home back from you. That is why it is so important for you, the buyer, to get
an independent home inspection. Ask a qualified home inspector to inspect your potential new home
and give you the information you need to make a wise decision.

Taken from HUD-92564-CN (6/06)
0 votes Thank Flag Link Wed May 25, 2011
A private homeowners inspection should be done before you sign the contract so that you know the condition of the house you are buying. The FHA appraisal is ordered by the lender and does not tell you the condition of the home. If you are planning to renovate (fix) the house then you hire a FHA consultant to let you know what needs to be done and how much it willo cost. A 203K is what the mortgage is referred to.
0 votes Thank Flag Link Wed May 25, 2011
Hi Antbug2001,

If you are financing your purchase and going FHA, you have to use an FHA approved appraiser.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Wed May 25, 2011
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