Home Buying in Floral Park>Question Details

Severefrh, Home Buyer in Floral Park, NY

On an FHA loan.....Can you get another appraisal done if the first was too low....with same or different lender? See details below

Asked by Severefrh, Floral Park, NY Mon Apr 26, 2010

I applied for an FHA loan & using a broker w/Wells Fargo as lender. The accepted offer is $415,000 w/ $14,000 as the 3 1/2% down. Appraisal came in at $350,000 which is $65k under accepted offer. Can I apply for another loan and get reappraised. I was told NO by my lawyer because the 1st appraisal stays in FHA system for 6 months due to new HVCC rules??? Please let me know.

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Thanks. I just saw the appraisal report. They used 5 comps that were across rail road tracks. In the same town but houses priced lower than in my area. 2 of the houses have railroad tracks next to their backyard and 1 house is 1 block from the train station where there is a commuer parking lot. I would never live in or next to any of these houses. I wrote a letter to appraiser and included 6 other very similar comps all sold within last 6 months and even closer to my house. Asked him for a FAIR appraisal. My mortgage guy has also done the same. If he still comes back with same price. Can I ask for a second appraisal or put a compaint in against this appraiser? He is totally unfamiliar with area and because of this the appraisal is way off.
0 votes Thank Flag Link Wed Apr 28, 2010
Unfortunately, it is true, although it may have changed to four months--see link for additional information.
http://portal.hud.gov/portal/page/portal/HUD/press/press_rel…
0 votes Thank Flag Link Tue Apr 27, 2010
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