This is the second article in a blog series on the FHA home appraisal process in Northern Virginia. If you’re just joining us, you can read Part 1 here.
What Happens During the FHA Home Appraisal Inspection?
An FHA home appraisal is often called an FHA inspection, but this shouldn’t be confused with the regular home inspection you should get in order to determine the overall physical condition of the Northern Virginia home you’re purchasing. The FHA appraiser only checks for obvious safety issues and code violations, whereas a regular home inspection goes into exhaustive detail about every system and appliance in the home.
What if the FHA Appraiser Reports Safety Violations That Have to be Fixed?
If the FHA appraiser reports that certain safety issues have to be fixed, these items must be repaired before settlement as a condition of the buyer’s loan being approved. The way this used to work was that the seller was responsible for paying for these repairs. However, today's real estate contracts make these repairs negotiable between the buyer and seller. The buyer can ask the seller to fix these items, but if the seller refuses, the only way to ensure that the buyer’s loan is approved is for the buyer to pay for these repairs. If the buyer refuses, the loan is declined and the real estate purchase contract becomes void.
I hope this article on the FHA home appraisal process has been helpful. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com for a list of the top 10 homes you can buy for zero money down in the Northern Virginia community of your choice!