FHA Appraisal Process
We’re looking at purchasing a 2-family home. The offer’s been accepted, we’ve had the inspection done and negotiated issues, getting a little off price. We’re going with a FHA loan so once the contract’s signed the bank gets sends in an appraiser. The appraiser may require repairs before finalizing the loan. Like so many, the home is old. It needs typical updating but it’s in livable shape–upgrading older but functioning plumbing, old but non-leaking roof, typical stuff like old tile, some missing window screens, etc. Does anyone have first hand experience with the FHA appraisal? What can one expect?
