Home inspection and appraisal process are not easy. For a home inspector, it involves inspecting the interior as well as the exterior part of the home. Appraisers, however, will only inspect the physical aspect of the home without considering its technical aspect. This means that the appraisal process will be less comprehensive and more subjective.
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Home inspections are often required in order to qualify for the FHA loans in which the buyer can finance the purchase of the property. This is one of the requirements that the FHA attaches great importance. Usually, the appraisal is done before the loan is approved to avoid any conflicts in the future. This means that the appraisal should be done by someone who has proper knowledge on the subject matter like an FHA appraiser.
An FHA appraisal cannot be compared to the sales book, market value or some other standard appraisal method. The appraiser will be considering the current condition of the property as well as its historical value. These are important factors that the lender will look into before approving the loan. If the appraiser finds damages on the house that can affect the ability of the borrower to make mortgage payment, the lender may decline the loan application. On the other hand, if the appraiser determines the market value of the property to be much higher than the appraised cost, the lender may approve the loan anyway.
What Does The Appraiser Not Consider When Evaluating Your Property?
Before you submit your completed appraisal checklist, it is important for you to make sure that it is current. Appraisals change frequently especially with the constantly changing market price of properties. So, it is important that you make the necessary corrections to the items on the list before submitting them for the appraiser. Every item will have to be checked whether it is already included on the list or not. Items that are not present on the list may need to be added.
When you discuss with the lender the current status of your home, they will most likely provide you with the list of the items that will be excluded from the appraiser's review. Some common items that the lender will not consider are structural damage, major appliances, water leaks, and the like. Although the lender will check these items with the help of a home inspection, there will still be some limitations when it comes to the list. It will only cover the visible parts of the property like doors, windows and other similar parts. So, make sure that the home appraisal checklist includes all of these items.
Another important document is the homeowners insurance policy. This is very important because it will serve as a proof of the loan. Your lender will rely on this to determine the possibility of insurance claim following the house appraisal process. When you ask the lender for a copy of the homeowner's policy, make sure that you get a policy that is current on its expiration date. Usually, some lenders offer extensions to their policy expiration dates. Be patient with your lender and request a copy of its current policy so that you will be prepared if the lender will start to verify your claims.
The third item in the checklist will be the purchase price of the property that was appraised. The appraiser will usually take into consideration the list price as well as the prevailing market price. The former will be the one used by the lender, while the latter is the amount that the buyer will be willing to pay for the property. Make sure that you have the appraised value of the property with you so that you can negotiate with the appraiser regarding the purchase price. If you find a certain property that meets your purchasing requirements, there is no reason why you should not be prepared to submit a bid at the appropriate price.
Some borrowers who have already obtained an appraisal still resort to having the sellers offer a certain comps. This is because the buyers are more likely to offer the sellers a better deal. The offers may be a bit on the lower side but this still increases the chance of the lender releasing the sale of the house to the highest bidder. Although most home appraisals have been made based on the prevailing market prices at the time of the sale, some inspections are done based on the recommendations of the inspector. Home inspectors have been known to make incorrect assessments so it is best to check the details with the lender.
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