I promised I would give you updates on my FHA transaction I'm working on. The buyer's loan approval was due yesterday (6/3), however-FHA did an appraisal review and they are having a second appraiser go out today. The loan officer did say that they are putting a "rush" on the second appraiser's report to get it pushed through the approval process and the buyer's should get loan approval by Monday 6/9. OK, that seems reasonable. But I am VERY nervous about the second appraisal! The sales price the buyer's and sellers negotiated were well within comps. So what gives?! Is this regular operating procedure? Why doesn't FHA trust the first appraiser (which is their own appraiser)?
If you have any thoughts on FHA loans, please let me know! Meanwhile, stay tuned for upcoming episodes on "As the FHA World Turns."
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