How do we withdraw an FHA appraisal?
We were going to remodel, but could not get enough out of the property to make it worth our while. We decided to just use our own money to update the kitchens and bathrooms and refloor the entire house and then put our home on the market. Now we need to have the original appraisal withdrawn because although our house appraised 1,000 over selling price, they are wanting to use the original appraisal that is 10,000 dollars below and not take into consideration all the work we did to improve the property and the fact that our area is no longer flooded with foreclosures. How do we withdraw the original appraisal, so we can actually get what our house is worth.
Another point to make is that you may want to contact the appraiser who did the FHA appraisal to see if s/he will come back to your house for another evaluation b/c of the improvements you made. This would be the only option you may have if you want to sell to an FHA buyer.
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PAUL WELDEN
HomeSmart
480-241-0081
Ready,
I think were all a little bit in the fog here as to why an FHA appraisal is affecting your ability to sell your home?
If you have made improvements to the home and have now decided to sell it, it's up to the buyer to have their appraisal done in order to appease the lender.
If you could explain a little further please???
Stew Keene
Trulia Pro
If you re list your home you could offer cash or conventional financing! There are many buyers that are able to put over 20% down and up to %40 are cash buyers in this market!
Sorry for the frustration feel free to contact me if you have any other questions!
Lucinda Tkach
lucindat@windermere.com
602-799-6846
One thing you need to know about FHA appraisals is that they are valid for 6 months. FHA appraisals are "attached" or "associated with" the subject property for 6 months and it's the ONLY FHA appraisal that is allowed to be used for that property for 6 months. However, conventional loans do not have to follow this guideline .... only FHA loans. You cannot withdraw an FHA appraisal. You're stuck with it for 6 months from the date the appraisal was completed.
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PAUL WELDEN
HomeSmart
480-241-0081
I am not sure I understand your question. But I have never heard of withdrawing an appraisal. Many times if the client or the bank are not satisfied with the appraisal or there have been substantial changes (which seems to be your case) you can either ask the original appraiser to review and update his appraisal, or you can get a new one. But remember that the bank needs to agree to either of those.
Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
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