Have offer for our house. FHA loan. Anyone
have experience with this? How did
the inspection and appraisal go!
the inspection isnt what you have to worry about. hes a private contractor hired by the purchaser. he reports to the purchaser. if people keep the bank out of those discussions and let the appraiser be the banks only eyes and ears, everyones much better off. the appraisers "inspection" will be far less throrough, but the regs require they be much more picky. things like peeling paint on a foundation, which arent majors for purposes of the inspection contingency, are necessary fixes for fha purposes. bottom line, its usually fine.
does it matter? You will still get your check at closing.
I bought my house with an FHA loan because I couldn't come up with 20% and was a first time buyer.
I have had no issues with the loan, which is serviced by JP Morgan. Been almost 5 years hope I can get that pesky mortgage insurance off soon!
I think he is asking only because he wants to sell the house and have no issues at closing.
and the buyer used an FHA loan. As long as your house is in good shape and there are enough comps for the appraiser to accurately assess the value you should be fine. (assuming you're not overpriced.
The FHA Program will want the Appraiser and Inspector to go over the house with a fine-tooth comb. They'll be in your attic and on your roof. Do you have a Crawl Space under the house ?? They'll go in there too.
Does your house have any kind of issues with the big items ??
HVAC ?? Electrical Service Panel ?? All Appliances in working order ?? The Lenders have been known to hold up a Loan over some minor defects....handrails on outside steps, for instance.
Good Luck with the Sale.
Did the loan close on time? Buyers want 30
days. I hope that is enough.
But we negotiated 60 days to allow us time to find a new house. The appraisal can take a week or more depending on a number of factors. We received notice that inspection came back good a few days after it took place.