FHA homes - Safe, Sound & Secure in Spokane
It is not unusual to think that the only purpose for a home appraisal is to find "good comps" and determine home values. My overall 
knowledge is a pool of information that comes from appraisals ordered, received and paid for over the years. Occasionally, I am happily surprised by the value but more often the values are disappointing. Low compared to the elevated home values of a few years ago -- but depressingly accurate for the current market.
On a more positive note, a column I read recently provided additional insight into the appraisers job. Here's a portion of that column from the Reverse Review, September 2011 entitled Safe, Sound and Secure by Bill Waltzenbaugh, SRA. HUD outlined "3 categories of concerns" regarding appraisals.
The 3S's of Qualifying for FHA-Insured Financing
SAFETY refers to the health, habitability and sanitary condition of a property.
SOUNDNESS relates to the structure and structural components of the dwelling.
SECURITY refers to risk to the insurance fund in terms of a property's ability to serve as collateral for the FHA-insured loan. It's these three important elements an appraiser must consider when inspecting a property for an FHA loan.
The more we understand an appraiser's duties, the more clearly we can convey to our FHA clients the important job they do and it isn't all about value. FHA qualified properties that are safe, sound and secure provide comfort not only to Spokane home buyers but everywhere.
Tip: Did you know you can easily apply online for an FHA loan or any type of home loan before you start shopping for your new home? This will ensure that you shop in the right price range.
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