We don't know to which Kaybug is referring ... my best guess is she is looking to buy an approved short sale with an FHA loan ... that's kinda how the question reads to me ...
The appraiser will need to state the home meets minimum FHA standards - there cannot be any work required and it has to be fully inhabitable when they're out there. Obviously it has to appraise numbers-wise as well.
The appraisal is but a step - the jockeying that Carl mentioned is not uncommon and I've had cases where things go well and cases where totally illogical things happen and the deal collapses. Best of luck -
Itâ€™s a hard question to answer because there are many variables I donâ€™t know â€“ there are typically two scenarios here:
(1) You are buying a short sale and the transaction has finally been approved by the bank(s) or,
(2) Youâ€™ve just had an offer accepted on a home that has already gone through the short sale approval process with another buyer (who has since disappeared).
If Scenario 1 is the case, then you have a very good chance of closing. However, if the FHA appraiser finds items that need to be remedied prior to the sale, then all bets are off. If that happens, it could scrub the sale. Also, the home has to appraise for the approved value. HVCC is making that much more difficult. If it doesnâ€™t appraise, your chances of closing are slim.
If Scenario 2 is the case, then your chances are a bit less than Scenario 1. Some banks will take the approval theyâ€™ve given to one buyer and simply transfer it over to another replacement buyerâ€“ weâ€™ve had banks transfer short sales and itâ€™s been a very smooth process. If that happens in your case, then the Scenario 1 explanation above kicks in.
IF they start the approval process over again, then your chances are up on the air. Other banks weâ€™ve dealt with have started the process over from the beginning and have (i) taken a LONG time to finally close OR, (ii) for unknown reasons that absolutely defy all logic, eventually foreclosed.
Without knowing your exact details, itâ€™s hard to provide a much more comprehensive answer.
Do you have a list of known items that need attention?
The seller most likely will not be able to make the repairs since they are already in a short sale situation.