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Updated about 7 years ago on . Most recent reply

Doron Rice's profile image
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Doron Rice
  • from Closter, NJ
  • Member since Apr 1, 2015
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Doron Rice's profile image
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Doron Rice
  • from Closter, NJ
  • Member since Apr 1, 2015
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Doron Rice
  • Closter, NJ
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Mortgage Brokers & Lenders

FHA asking from my buyer for a second appraisal. Is that true?

Doron Rice
  • Closter, NJ
Posted

Hi all,

I am in contract to sell a property I rehabed. The closing was suppose to be today, December 22nd and at the last minute the buyer's loan officer told us that because it is a flip and because the buyer is using an FHA loan, FHA requires a second appraisal. Me and my agent never heard of such a thing. Did anyone had experiance with such a case?

Thanks!

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Melvin List's profile image
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Melvin List
  • Lender
  • from Tampa, FL
  • Member since Apr 7, 2016
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Melvin List
  • Lender
  • from Tampa, FL
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Melvin List
  • Lender
  • Tampa, FL
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Melvin List
  • Lender
  • Tampa, FL
Replied

@Doron Rice yes if the property was purchased 91-180 ago.  The LO should have known this from day 1

  • Melvin List
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