In today’s video blog, President of AAA Appraisal Management Company, Marlene Minite, discusses FHA Guidelines with Chief Appraiser Mark Liley.
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As president of AAA AMC for the past 5 years, I have picked up a few tips and tricks that can help save my clients time and money. Here is a suggestion that may help make your next appraisal inspection run more smoothly.
Many times when an agent orders an appraisal, they’re not aware that FHA inspections are more involved than inspections for conventional loans. This may result in the appraiser finding issues with the property and requesting items to be fixed for FHA’s minimum property requirements. This means the appraiser will have to come back for a re-inspection, which causes delays and additional costs to the buyer.
The good news is this can all be avoided when the agents address potential property issues ahead of time. FHA inspections use the three S’s as guidelines: Safety, Structure and Security:
Safety: They are looking for items that may impact the health and safety of the occupants.