Question:

My FHA property appraisal on a new mobile home came out wrong – what to do?

Answer:

If you paid several hundred on an FHA property appraisal that came out wrong - $20 - $30,000 below market price, it will be difficult to amend it. Here follows a sequence of recommended actions to take to rectify a wronged FHA property appraisal:

  1. Obtain a copy of the appraisal report and go to a local real estate appraiser licensed to do mobile home appraisals.
  2. A local appraiser may help you file a Request for Reconsideration of Value.

If by their opinion the Reconsideration Request stands a chance, you will have to write a letter with the help of the real estate appraiser or realtor that you hire to help you with the written Reconsideration Request.

When written, send the Reconsideration Request to your loan officer or FHA loan underwriter to reconsider the appraisal of your mobile home.

The FHA underwriter has all the power over your loan, so if you supplied sufficiently strong evidence in your Reconsideration Request, the FHA underwriter won't be able to side with the original appraiser and will have to raise your home appraised value.

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