Appraisals VA & FHA
Appraisals for DFW home sales include inspections and are more comprehensive than appraisals with conventional financing and they are also more expensive. These appraisers are required to perform certain minimum inspections as well as evaluate the market value of the subject property. These inspections are not as comprehensive or detailed as a professional home inspection report. These “Appraisal Inspections” should not be considered a substitute for a professional home inspection and sometimes additional repairs are needed.These repair costs are additional costs the seller that the seller would not usually be obligated to pay for a buyer obtaining conventional financing. If you are using FHA or VA Insured financing for your purchase your offer should include a maximum figure to cover these repair cost. If this figure in not included, in essence, the seller is signing the equivalent of a blank check and it could cost them substantially more that they expected. Have your Realtor search the MLS for the that show that the sellers are open to selling to buyers using FHA and VA insured financing. The figure that you put your offer will more than likely affect the seller’s willingness to negotiate on terms and on the price of their . If you put $750 as a repair estimate, the seller may be $750 less negotiable on their sales price. If no repairs are necessary, you could have been able to get that home for $750 less than what you and the seller originally agreed on for the price. A good solution would be to add a clause to your offer that states that if the required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer’s down payment or closing costs. If you are purchasing a then the onus is on you to make sure that your offer is written correctly to handle these details.
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