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Tips to get through an FHA appraisal on a bank owned (foreclosure) purchase

January 16th, 2009 · 1 Comment · fha mortgages and first time home buyers, tips for home buyers, tips for purchasing a foreclosure

Kris Wales a Macomb County MI real estate agent
Wednesday of this week I had time to sit down and have a leisurely lunch with a mortgage represensative, Mike Caira of Great Lakes Mortgage Funding in Sterling Heights, that I think highly of and trust to give me the most accurate information.

One of the things that I wanted to know was if he is seeing a trend in issues that arise during FHA appraisals since the first of this new year started.  An area that he brought up to me was one that I knew about already and counsel my buyer clients about, but it appears that many real estate agents aren’t up to speed on this:

Make sure the utilities are turned on in that bank owned (foreclosure) home and that the home has been de-winterized.

If the FHA appraiser arrives and the utilities are not on, and the home still has that lovely yellow caution tape covering the sinks and the toilets he or she will leave and not perform the appraisal.  You will be charged for a 2nd visit to the home if this happens.

Talk to your buyers agent if you are considering purchasing a foreclosure.  Ask him/her what needs to be done after your offer is accepted and in what time frame.  They should be able to provide you with a list of items that need to be taken care of in order to ensure that your purchase process runs as smoothly as possible.

To read more about FHA mortgages and what we are seeing in Macomb County please click here for a list of articles that I have written.

~Kris Wales~  A Macomb County MI real estate agent

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  • 1 Waterfront homes for sale | Waterfront Homes // Jan 16, 2009 at 9:12 am

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