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How Much Does A Fha Appraisal Cost All Locations : Nationwide Real Estate Advice

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Showing results for How Much Does A Fha Appraisal Cost [Clear search]
Tue Jan 29, 2013
My NC Homes Team answered:
My honest thoughts are this is lousy advice and unless you have this discussion prior to signing a buyer brokers agreement you should have no expectation that your broker will give you part of her commission. How willing are you to give someone who asks you for part of your salary

Here's what I know to be true, agents who rebate commission do so because their weak, hungry for any business and don't have any real idea what their doing or even supposed to be doing. It's all they have to offer and if you choose to work with a discounting agent you'll get what you pay for.
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0 votes 13 answers Share Flag
Sun Feb 17, 2013
Sharon-Frank Vella answered:

Depending on the current size and bedroom/bathroom count of your home, doing an addition could "hands down" be the best strategy to increase the value of your home. If you are in one of the typical 3 bedroom, 1 bathroom homes in Pacifica, then I would suggest that adding a 2nd bathroom or remodelling your kitchen, would increase the value more than adding another room.

I'm not sure why the need for an appraiser, but I could certainly set you up with one, just let me know. If you just need to know the current value of your home, I would be more than happy to help you with that, just send me a private message.

Thanks and good luck! Sharon
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0 votes 17 answers Share Flag
Mon Jan 28, 2013
Javier Meneses answered:
Erin, this all depends on what type of financing you're obtaining. If the house is simply outdated and you wish to have a more modern kitchen or such upgrades, a bank will approve it. If there are obvious repairs that the house needs in order to be habitable, you'll only get approved if you're doing a 203(k) loan. The 203(k) loan allow you to borrow for the cost of the house plus the amount needed for the repairs (better known as rehab cost). You'll need aminimum of 3.5% down payment. This loan does require that the repairs are done by a licensed and insured contractor along with necessary documentation.

As far as inspections, it all depends on what repairs the house needs and what the total cost of repairs is. It's possible that the bank will require a HUD consultant to inspect the house. No bank will require you to do a engineer inspection, though it is strongly suggested. Aside from an appraiser, this is pretty much it!

If you're in need of a Loan Officer, I'm always available. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
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0 votes 5 answers Share Flag
Fri Feb 1, 2013
Ron Thomas answered:
The two realities are the MAJOR ISSUE, and your inability to fix it:

You, (and the Buyer), have three choices;
Lower the PRICE to allow for the repairs
Sell it As-Is and let the Buyer contend with it, or,
Chance losing the Deal.

Good luck and may God bless
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0 votes 19 answers Share Flag
Fri Nov 1, 2013
Jerry Heard answered:
I can understand your frustration, If you are working with a Realtor who really knows what you want they can guide you in the way to make the best offer quickly. Cash does not always make that big of a difference if the home is in sound shape and your offer is strong. Most of the homes being sold these days are financed.
Living far away is more of a problem than the cash buyers. Since many people are making offers you need to get your offer in right away. If it takes you several days to see the home, it may already be off of the market Your Realtor needs to sell you to the seller and their agent. It is not just a matter of sending the offer in.

Local Help with Your Real Estate Needs

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
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0 votes 56 answers Share Flag
Sun Jan 20, 2013
Danielle Sharp answered:
You have a Realtor - best option is to utilize their experience & expertise.
0 votes 5 answers Share Flag
Thu Jul 6, 2017
Caroline Harabedian answered:
Well, it really matters what part of LA you are looking at. In the valley, in Granada Hills (what I like to call the Beverly Hills of the Valley), you can find a nice 5 bedroom house, large with a pool for around $500k. Average price of homes in the valley are well below $400k total. Most of these homes are built in the 80s and 90s, but some of the higher end homes are built after the 94 earthquake so you have more modern choices. Most people buying above $700k are putting large amounts in down payment, that's why they can afford home loans.

If you want to speak with a qualified loan officer about your loan needs, I can recommend Bridgette at WestCom Lending (818) 335-0283 /

All in all, location is key in finding a home that is for you. Maybe try searching a slight further commute to work to have the luxury home you want. Any questions, feel free to contact me.

Caroline Harabedian
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
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0 votes 73 answers Share Flag
Wed Jun 10, 2015
Stephanie McCarty answered:
the work you are asking the agent to do is anything but minimal. Finding the house is the easiest part. You can ask anything but if you are working with an experienced, good agent, don't expect it. ... more
0 votes 30 answers Share Flag
Wed Feb 13, 2013
Cindy Davis answered:
You certainly don't need to live in California to buy a home in California. If this is what you want to do, contact the VA and start your pre-approval application.

That said, I think that buying a home when you are thousands of miles away is challenging at best. Do you have any relatives or trusted friends that can help see the properties?

Best of luck.
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0 votes 16 answers Share Flag
Wed Jan 9, 2013
Scott Godzyk answered:
You are experiencing what other buyers are which is a shortage of homes for sale in some areas. First thing is foreclosures are the best deal as they can close sooner than a short sale. A short sale can take longer and the savings are not great. The more work a home needs the better the deal you may get. The key is finfding a short sale listed by a well experienced agent that has already started the process which cuts down on waiting, ... more
0 votes 10 answers Share Flag
Sat Dec 29, 2012
Michael Cheng answered:
There are no special challenges for a foreign investor to buy a property. Prices are so cheap today as many US buyers are still uncertain about the 3 year housing rebound. If you're looking to get a loan to buy a property, that would be extremely difficult to get from a US lender. You may have to go get private financing for 40-50% of the price and pay 10-12% interest. It's just easier to pay all cash, especially when the homes are so cheap. ... more
0 votes 11 answers Share Flag
Thu Jan 10, 2013
William Bedgood answered:
Hi Kmadcreative

I can appreciate your frustration, as many people today want to invest in the Atlanta rental market. I'd say you have a couple of options:

1. you could look for homes which are priced in the $30k price range so that you could simply pay might be surprised what $30k would buy you in the ATL market...check the Hud site, The Homepath site, and the Homesteps site, for forecloses.

2. You could entertain the idea of buying property with a business partner, which would potentially enable you to buy into a better neighborhood or better rental area.

Hope this helps! Feel free to contact me if you have other questions!

William Bedgood
mid-century/modern enthusiast
Keller Williams Realty Intown Atlanta
621 North Ave. c-50 (behind Ponce City Market)
search here for your dream home:

...the greatest compliment you can offer me is the referral of your family and friends
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0 votes 12 answers Share Flag
Tue Jul 9, 2013
Anna M Brocco answered:
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright... ... more
0 votes 7 answers Share Flag
Wed Jul 17, 2013
Laquita Baez answered:
Hi Jonathan Icenhour, an option is you can advertise that the home needs some TLC and
even sell the house "AS-IS", meaning the buyers will be aware that you will not make any repairs and they are purchasing the home in its current condition.

Best with the sale of your home!

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
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0 votes 14 answers Share Flag
Mon Dec 10, 2012
Thom Butts, CRS, ABR answered:
As long as one of the units is owner occupied, that would be fine for FHA financing. Small-plex complexes can be a great way to build equity! I'm pretty familiar with the Gresham area (and own a tri-plex myself); if your son needs the assistance of a realtor, please have him contact me.
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0 votes 3 answers Share Flag
Mon Dec 24, 2012
Norma Perry answered:
Buy when I was first married in 1963 while prices were low and you got a lot for your money.
0 votes 145 answers Share Flag
Wed Dec 5, 2012
Mitchell Mote answered:
First of all let me say "I am NOT a mortgage lender, and I have NO IDEA whether or not this would or would not be considered mortgage fraud. I'm just relaying information. My guess is that most lenders are afraid of being complicit in mortgage fraud, and rightly so - the regulators are watching their industry much closer these days and fines have gotten hefty. If the repairs are legitimate and the intent is honest, I can understand that some may see no harm in it although the lenders may not care about this. I've heard of someone utilizing the contractor they chose to do repairs and estimates, to also add to his estimate the approximate cost of materials only (no labor) for the repairs that YOU intend to do yourself. I assume their thinking was that this way there is no money that could be construed as being misappropriated. But read up on it, and protect yourself, because that person may have been breaking the law, I am not totally versed in the wording regarding that particular type of loan.

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0 votes 3 answers Share Flag
Tue Sep 24, 2013
Philip Sencer answered:
I just answered this on zillow. Good luck! I think you will need it.
0 votes 7 answers Share Flag
Mon Sep 16, 2013
Fred Yancy answered:
A traditional 203K loan specifically allows for the simultaneous purchase and repairs of a home. A home purchased with a conventional mortgage must be able to pass an appraisal, an evaluation of the home's worth, with a value that meets or exceeds the mortgage amount, and a damaged or outdated house commonly does not pass appraisal.

The Streamlined 203k Limited Repair loan lets a buyer finance up to $35,000 in extra money to improve a home as of 2011, in addition to a conventional mortgage. The streamlined loan is for homes that need improvement, but not as much as a home under the traditional program would need. Both types have the same basic U.S. Department of Housing and Urban Development rules and eligibility criteria.

House Limits

The qualifications for a buyer who wants a 203k loan are based on the participating lender's criteria, but the home being purchased is subject to universal standards set by HUD. The house must have no more than four units and be at least one year old. A demolished home or home that has to be demolished as part of the renovations qualifies as long as part of the foundation remains in place. A condominium unit can be rehabilitated using a 203K loan as long the borrower intends to use the unit as a primary residence.

A home that is considered both residential and commercial -- referred to as "mixed use" -- is eligible for the 203k loan program if the commercial use does not exceed HUD's percentages, as determined by the HUD appraiser. A one-floor structure cannot have more than 25 percent of the floor area used for commercial purposes as of 2011.

Finance Limits

Both 203k loan types cannot exceed the lesser of two figures: 110 percent of the home's estimated market value after repairs or the property's current value and the cost of the work. Loans for condominium units cannot exceed the market value of the unit after repairs as of 2011.

A home under the traditional 203k program must need at least $5,000 in repairs as of 2011. The streamlined program does not apply a minimum limit.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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0 votes 8 answers Share Flag
Tue Mar 5, 2013
Michael Magaw answered:
let me know if you want a referral. I agree with Christina, it would be good to let two or more lenders compete for your business.
0 votes 11 answers Share Flag
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