FHA  

Why would you as a lender want to use our services for your FHA appraisal reports? Because of the level of detail that is provided within the appraisal report and our strong reference base. 

Our appraisals contain +35 pages of documentation. The appraisal report contains four sold comparables (2 that closed within the prior 90 days and 2 within the prior six months), two pending sales and two active listings of properties deemed to be similar to the subject property. The appraisal contains a sketch of the property with rooms labeled, photographs of the exterior front, rear and street views, all interior rooms, interior attic photographs, areas that add value such as updates/upgrades and/or areas that take away value such as leaking roof, holes in walls, water in basement, broken windows, debris and etc. The appraisal report will discuss in detail areas that are ?required repairs? under FHA Guidelines, that fall under the categories of soundness, security and/or structural, with a cost to cure for these areas. We discuss areas that could prevent the property from selling within the anticipated average marketing time of similar properties within the market place. We place a call to the contact immediately to schedule the appraisal inspection. The report is transmitted back to your company within 24 hours of our inspection.  

The report contains a detailed discussion regarding the total sales that closed within the area that appeared similar to the subject in the prior 90 days, 4-6 months and 7-12 months. The appraisal report discusses the analysis used to determine the area to be either declining and/or increasing in value. This information is discussed within the 1004MC (market condition) report form that provides the information used in projecting a time adjustment (if warranted) for the area and the anticipated marketing time of future sales within the area. A time adjustment within the appraisal report is developed by using the anticipated marketing time x a percentage factor of decline and/or increase in value that supports the opinion of value by the Sales Comparison Approach. 

The appraisal contains an analysis of the overall neighborhood that references the total sales for the area/neighborhood for the prior 90 days, 4-6 months and 7-12 months. Within this section discussion is made concerning the total number of bank owned, short sales and government owned properties within the area and what affect those sales are presently having on property values. This area provides the data used to arrive at the opinion of value, any anticipated seller?s concessions and days of marketing time. 

Why would a homeowner want to consider having any FHA appraisal done to promote the sale of their home?  By offering the property for sale through the FHA mortgage financing arm your property becomes available to a larger market of buyers that can qualify to purchase because of the low down payment requirements.  

What is the difference in an Appraisal Inspection and Private Home Inspection? The appraiser is doing a complete visual inspection while private home inspectors conduct a detailed physical inspection.

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