FHA Appraisal

@emilyfraces Hi Emily, i may be in a similar situation. In the interest of me learning from your experience, could you, would you share the appraisal price and address? I know this is personal information, but it would help me greatly if i knew this for my own benefit (same situation). If needed i could give you my personal email addy.

ralph

in Appraisals 11 years and 8 months ago

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emilyfrances | 12 years and 2 months ago

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Hey Folks.  We are in contract on our perfect property – multi use in Bed Stuy.  We have gotten so far but have hit a wall with the FHA appraisal.  The appraisal came in $200+ shy of what we need it to be.  The rental income is there to cover the mortgage.  And I’m confident that the value is there for the property.  We’ve been looking at houses for 9 months, so I’m very familiar with the current market.  Unfortunately we (and the property) are stuck with this bad FHA appraisal.  The main comp that the appraiser choose was 3/4 mile away and 1/2 block from a large housing project.  The home we are trying to buy is right between the current historical district and the proposed.  The blocks are very different, and the value is very different for the homes.  I am at a loss.  It seems like there is nothing we can do other than provide comps to the appraiser and hope he will make changes.  We are at the mercy of this guy who clearly does not know the market in the area.  From what I can tell, Appraisers rarely make changes to their report, and if they do the changes are minimal.  Please help, if you’ve been through this. I either need a saving grace, or to simply except that the deal is dead after months of heart and soul being poured into it.

Springs | 12 years and 2 months ago

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”  $200+ shy of what we need it to be “….there are many factors which go into a value being produced.  Appraisals can always be contested.   You have to ask yourself, if a board of 10 NYS certified appraisers reviewed your comps and the apprasier’s , who would win?   International Valuation Standards defines market value as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in anarm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.”

emilyfrances | 12 years and 2 months ago

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The problem with FHA appraisals is that the apprasial can only be attested to this particular appraiser.  The bank (and I assume, FHA) do not allow us to obtain a second appraisal.  I am confident that the appraiser’s assessement of the property is not in line with market value, and is significatly off.  For those that live in Bed Stuy or Crown Heights or Bushwick – all LARGE Brooklyn neighborhoods, it’s clear that values of homes can easily range in the hundreds of thousands of dollars.  When an appraiser does not understand the variation in value and ultimately does not choose comps on a block similar to the assessed property, the appraisal can be significantly skewed from the actual market value.  I intend to file a complaint against the apprasier with FHA, but that doens’t help our case.  We are up against a wall with very limited options to appeal.  I can’t find any case where an appraiser reassessed a property to such a significant degree.  Though I have heard of appraisals from separate parties varying to that degree.

adam_dahill | 12 years and 2 months ago

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Find out if the appraisal has been uploaded to FHA connection. If it hasn’t you may have a chance on a 2nd appraisal. Once it’s been uploaded to FHA you are stuck with it. Appraisal issues were getting better up until recently when the market started taking off. The problem we have now is that comps are lagging. All those houses in contract can’t be used until they show up on public records. Also a good deal of comps have conflicting information on public records. The city may show it as a 3 unit but it may be used as a 2\. If the appraiser is lazy (and some are, not all) they won’t take the extra step to confirm what the actual usage is. It’s extremely frustrating.