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Updated over 3 years ago,
How to get new FHA appraisal before first one gets logged!!
So my FHA appraisal on the triplex I'm under contract to house hack and purchase just came back $52,000 LOWER than agreed upon offer. My lender, agent, listing agent, and anyone I've shown the appraisal to thinks it's a complete hack job of an appraisal.
My deal, which I’m very excited about because it works so well for me in so many ways, is likely to fall through without an adjusted appraisal or a new one. I don't need an appraisal to come up all 52k, but it would need to come up to a reasonable actual fair value for me and seller to strike a deal, otherwise the logical step would be to relist and grab a conventional offer for tens of thousands more.
My options are two either:
1. Appeal the appraisal, which from what I've gathered is less likely to be successful than winning the lottery, or
2. Very quickly cancel the entire loan before the FHA appraisal gets logged into the system and start a whole new loan over and order a new appraisal.
-- I'm looking for suggestions and advice mostly on option TWO. Does anyone have experience getting this scenario fixed and sorted out in a timely manner.
Disclaimer: Im aware seller COULD drop asking price or that I COULD bring a ton of extra cash to the table. Neither of these options is a solution for this deal.