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We are selling our home to a buyer trying to get a loan through FHA. He qualifies without a doubt for the loan. He was paying $125, 000 and we were giving him $5, 000 towards closing costs. Our home was appraised in December by an FHA appraiser for $125, 000. We had our house appraised for $123, 000 last June. We have moved out of the home thinking that the closing was supposed to be happening Feb 8th. We just found out the loan was denied in underwriting because someone in an FHA office does not believe the people that have appraised my house and said the value is $85, 000. Where would they come up with this number? Why would they do this? Why get an appraisal done? They have ruined us and our sale--where can we go from here--we disagree, our lawyer disagrees, everyone we talk to is in SHOCK! Please help us, PLEASE! We are about to lose the house we need to buy and we can not afford two mortgages. And the report from the underwriter even went as far to say that our area is so bad that it hasn't appreciated since the 1960's. If that is true we shoudl be selling our house for $25, 000. Please help us, what can we do to reverse this...
The complaint has been investigated and resolved to the customer’s satisfaction.
I'm refinancing my home and have to use FHA, and I was low balled by $18, 000.00.. My property description was written incorrectly and oh so many mistakes. My garaged was listed as a shed, my closed in porch was listed as the main livint room. I can go on and on. I say we file a class action law suit. This is a very unfair practice. Who is to tell if the appraisor is interested in the property?
i agree with all i just purchased a home fha and they dragged me on 4 months took 1700 of my daughters dissability backpay that was allowed to be used for a home for my daughter put me threw complete hell after getting everything the underwrighter wanted paying apraisle, inspection, 1000 good faith payment and getting insurance he saids he needs additional documents and closings in a week and i can never get it in that time.they set me up for failure to top it off i have 4 kids 2 are dissabled 2 4, 14 and 16 and my landlord sold the home the 1st.let me know of this lawsuit because im about to slap one on them from here to huwaii :0 they want me to payback 2 house if i was approved:0 and dont want to refund the 1700.well social securety will have my daughters back cuz they basically stole her money no diffrent then walking in our home and taking it, and 4 2 monthes the broker is saying dont worry i got this?yeah u got a law suit buddy thats about it...
As the market continues a destructive trend I can see that the laws thar regulate the finance and real estate industries are incomplete, fallacious and a complete fraud, lenders are not regulated properly, they can decide on people's lives through one single individual, which in most cases does not have the professional capacity or common sense to approve or deny a loan, appraisers are opinions of value due to a single individual criteria.
A good example could be a property that is for sale through an agent, the agent is supposed to present ALL offers to the owner, however there is the possibility that if that agent represents both parties through the transaction he or she earns a double comission, therefore when other agents present offers he or she has the unilateral decision not to present offers to the seller and the seller or buyer or buyer's agent will never know about it, so how does this law can be in existence? how can it be enforced? is just another fantasy of a simple minded individual that decides to place the burden on others to protect the public, the present state of the real estate, finance and commerce law is so poor and unenforceable that in reality we have one fo the worst judicial systems in the world.
I terminated a contract to purchase and the appraiser pushed the appraisel to the purchase price of my contract. It was an FHA loan and the so called FHA Appraiser did not put repairs that we already knew were an issue in the appraisel. He did not call my agent, He called the listing agent to whom he had done an appraisel on the home two years prior for the same price. The home was not worth what he put for the appraisel as the repairs that had to be made. The listing agent would not give my agent his phone number or name. I wonder if he was working for me or the seller. I feel that I should not have to pay him does anyone know if I have to as I did not give my mortgage company any upfront money.
FHA appraised my mother's house at $15, 000 less than expected a week before closing date. She is elderly and a recent widow. She has to sell the house being on social security and physically limited in caring for the home, she had no choice but to lower the sales price so she could close. Yet up to now she has been paying taxes on a house that is worth approximately $30, 000 more. How convenient ...taxes are based on what the house is really worth, and FHA under valued her appraisal. Disgusting, how can those people sleep at night, and how can the government allow for this? Can't they see the already declining real estate market is being further driven into the ground by FHA. If there is a class action suit, count us in. The house should be appraised at the same level as a residential tax. If FHA wants to make money on fees, they should be charging the fee as an extra tax, but it is ridiculous to call it an appraisal fee, there is no real appraisal done, the person above me said it all: "Legalized Extortionists".
Even if the lender touts non discrimination, if its policy via complexity and incompetence, its legal that they can drag you through hell, bend you over and shove one up your butt AND steal your money in the end.
Legalized extortionists.
FHA =microcosym of todays government en toto.
The FHA are theives, liars...they lead people on, keep them in the dark by giving them incomplete information or no info at all.
They do this on purpose with a callous disregard for the impact on peoples lives.
The people who handle the loan packages get away with this behavior repeatedly because its FHA policy to make the process as stressful as possible; usually resulting in the buyer of a home backing out for running out of funds and if they protest, they are denied the loan and still pay a hefty fine.
DO NOT GO through FHA for any reason!
They are in the business of ripping off hard working people. They will not process the application if you don't give them your account number so they can rob you when the application goes south. FHA are extortionists, theives, backed by the fed.
If there is a class action suit, let me know...I am there!
yes I agree, one of the comps was used was a much smaller house and nothing done to it. I was told a declining market ? ( so my 3 bedroom 2 bath house is going to srink to a 2 bedroom 1 bath house with much smaller square ft, IS THAT WHAT THEY MEAN BY DECLINING MARKET ?) What how do they come up with that. I made 2 weeks of phine calls nothing. I will start a class action suit.