(Closed) FHA home appraisal

posted 7 years ago in Home
Post # 3
Member
5496 posts
Bee Keeper
  • Wedding: April 2010

I do know that the market values from Zillow and other websites can be way off. They aren’t very accurate, so I wouldn’t worry too much. Try not to think about the fact that the website said it is only worth 110k. Hopefully, the appraisal will come in at the 148 or higher. 🙂  Congrats on the new house!!!!

Post # 4
Member
3943 posts
Honey bee

Yup, this happened to us. The appraisal came back $15K lower than the price we offered and agreed on. We also were doing an FHA loan. The sellers were furious (understandbly, since they were losing money on the sale) but there wasn’t much we could do. Our options were to increase our downpayment (wasnt possible), walk away, or have the sellers lower the price. The sellers lowered the price and we agreed to pay our closing costs (we had oririnally agreed for them to pay $5k in closing costs). The sellers agent also contested the appraisers findings, but that didnt change anything.

Appraisals are really tough. We actually had 2 done on our house within a 30 day period because we switched mortgage companies in the middle of the process (thats a whole different story), and the first appraisal came back at $5k higher than the agreed price. So who knows.

Good luck!

Post # 5
Member
3295 posts
Sugar bee
  • Wedding: May 2011

we also did an fha loan on our house and i was scared this was going to happen because like you, county said it was worth less (and the price was driven up because its in a popular neighborhood right by a lake and we were in a bidding war)…. but the appraisal ended up coming back higher than we expected thank goodness!!!

Post # 6
Member
1032 posts
Bumble bee
  • Wedding: August 2009

Value of homes can go up and down. Sadly with the market over the past few years, many home values have gone down. For years and years, value just increased. That is not the case anymore.That doesn’t mean your value will go down…but it’s always a possibility. You will just have to wait and see what the appraiser says.

Zillow is not always the most accurate so I wouldn’t look at that too much. I know it’s stressful, but home values seem to be such a crap-shoot now a days. You will just have to wait and see what the appraisal says.

Post # 7
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

I don’t have advice, but I would like to say that I am jealous, becaue $148,000 wouldn’t buy a parking space where I live, let alone 3.5 acres. So jealous!

Post # 8
Member
179 posts
Blushing bee
  • Wedding: November 2010

@crayfish: LOL. I was thinking the SAME EXACT thing. I think its time to up and move to Minnesota.

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