Easy to get a second FHA Appraisal?

Question

Had a FHA appraisal done on a house and it came in too high. I've been trying to contact the negotiator about getting a new one. anyone have any luck getting new FHA appraisals? I know they're much more in depth than a BPO, mine was 30 pages. Unsure of lenders willingness to do another.

Where is FHA's offer threshold now 80% or 83% of Appraised value?

Donna Clayton · Answer

Joe,
Just curious, have you re-submitted comps to get a lower value yet?

C L. · Answer

Duh !!!   Blame it on the brain fart.

Donovan R. · Answer

Correct, this is a Short Sale. 
  Anyway got my answer back.  He rejected the comps I sent because they were REO and "it is assumed that reo's need work".

Newsflash! This will be REO and it does need work, hence those being legitimate comps! Oh well, I wasn't actually surprised.  He wants me to let it sit on the MLS for a month then try again.

Probably going to push him harder now for another BPO as the agent didn't take notice that the heat pump had been stripped.  If not, I guess I'll let it sit for another month than go again.

I could probably turn this now as it sits and make a few bucks but since the appraiser missed the damage I'm going to push it a bit and go for a lower appraisal.  Since I have a copy of the FHA appraisal I'll leave it for the next one and tell them the bank agreed it was too high, I was thinking something closer to "x".

Wish me luck, been working on this one for a while.  Took it from an agent who couldn't work out the second lein payoff.  Got an acceptance first try 80% lower than where he was. ; )

Steve Babiak · Answer

Seems he is trying to get a short sale approved at a low number, so he needs lower appraisal amounts.

C L. · Answer

What do you mean "too high"?    Too low is usually the problem.

Don't know what you mean by "offer threshold" but the buyer can get a loan up to 96.5% of the purchase price.  The purchase price can be lower than the appraised value.

Is a lender involved?  Or did you order an appraisal for your own use?  If that's the case, your appraisal will have nothing to do with any sale of the property.  The lender for the buyer must order an appraisal using their system and their certified appraisers.  And only that value will be known and used by underwriting to approve a loan.

Maybe I'm misunderstanding your question though.