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I signed a contract on a home for $197,900 with an asking price of $199,900. The FHA appriaser originally appraised it at $210,000, but the bank said the comps were invalid since the home has a basement and the comps did not. The appraiser re-did the appraisal 3 times to try to satisfy the underwritter and came in at $198,000. There are only 1 in 25,000 homes in Arizona with basements and they are considered a "premium" since it is much less to cool them in the summer and they are so rare. The underwriter then with the stroke of a pen said the adjustments the FHA appraiser made were not accurate, and said the home appraises for $188,000 (because that was the comp for the identical home sold 1 year ago) even though the "identical home" had original cabinets and bathrooms and the home I am trying to buy has new kitchen cabinets, new appliances, new vanity and mirror (in one of the 3 baths) and new solar powered attic fan and sump pump in the basement. Is there anyone I can report this to that oversees underwriters or anyway I can request a new underwriter without moving to a new bank (another bank has seen the file and said they would accept the $198,000 comp. It's pretty bad when a fully qualified person can not buy a home he wants in this crappy market.
You bet they can. Underwriters have final decision if the appraisal is acceptable or not. 1/2 of the things you mentioned don't add value to an appraisal by the way. They are selling points, but that's all, especially the appliances. These can be removed at any time after all. Upgrades that give value are finished rooms, hard-wood floors, new windows, etc. A new vanity and mirror do not. If the area you are buying in has stabilized or is still declining, using the identical home as one of the comps was the right thing to do. By the way, even if you go to another lender this appraisal will follow you. FHA appraisals are assigned a case number and for the next 6 months all lenders will have to use this appraisal.
YES THEY CAN. My advice is to change banks....to me, a $10K hit from what you described is excessive. I used to be an FHA underwriter and what they are telling you is technically correct, but the underwriter has to be able to prove the increase in value...if a property is so unique that you cannot find comps that is NOT a good thing...because you can't just SAY it's worth a premium, you have to prove it. Not a decision I would have made....the FHA underwriters have a Cordele number with HUD that they have to protect because it tracks what they underwrite, their errors, and rate of default. You are unlikely to win with that bank. Change banks...it's much easier. If your title work and appraisal has been completed, the process shouldn't take more than a couple of days to change...and make SURE you tell the branch manager why you are changing...that will trigger a review by the regional underwriting manager.
Banks that have had alot of foreclosures need to be more careful right now. Go to the other bank and close on your house. For too many years, appraisers would "rubber stamp" a deal and the banks ended up holding the bag - and the loss. The foreclosure boom is just getting started. Banks are right in trying to be safe. Also - how much assistance in your closing costs is the seller giving? Right now, FHA still allows up to 6% (they were way wrong to ever go that high) and the underwriters understand that doing so increases the odds of the loan going bad.
Presuming the comparable properties were equal in all other aspects, the appraiser should (and probably did) adjust the value of the comparables to reflect they don't have basements. The underwriter cannot change the appraisal, their only option is to deny the loan. You should contact your state's agency that regulates underwriters. It's probably a department of finance, banking or insurance. realtor.sailor
If the bank does not want to give you the loan then the bank does not have to give you the loan. Unless, they are discriminating based on various factors defined by law, they can turn down a loan to you for just about any reason. It sounds like the bank (like many others) have been burned by trumped up appraisals. Arizona is one of the areas where this happened a lot. The bank does not trust the appraisal and they will refuse the loan. Your only recourse is to find another bank.
Underwriters are king these days. The seller either accepts that appraisal or continues to try to sell the place. As for you the buyer, you can either negotiate the price down with seller or find another property. But my advise would be to find another lender.
You have another option pony up the difference in appraisal and what the bank will lend , if u can do that then to heck with fha all together