fha appraisal
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fha appraisal Tag

FHA Appraisal versus FHA Inspection?

What is the difference between and FHA appraisal and and FHA inspection?  We received a call from a client over the weekend wondering if the inspection that was just performed by a buyer on their house was an FHA inspection.  There is some confusion on what an FHA inspection is versus an FHA appraisal.  We are taking a minute to explain the differences and to shed some light on what it means to have a house that fits an FHA loan.

We put this house under contract in 7 days and it was important to the seller that the inspection be done as quickly as possible. We were able to coordinate with the buyer to have their inspection done within just a few days of going under contract. (In Colorado all contracts are contingent upon both and inspection and financing – unless otherwise waived.) The inspection that was done was for an FHA loan however it wasn’t an FHA inspection. Why? Mainly because there isn’t such a thing as an FHA inspection.

As part of an FHA appraisal the appraiser will look for items of concern dealing primarily with this in mind: “Is there anything in this house that would prevent the buyer from moving in and thus pay their mortgage payment?”. The areas of most concern are:

  • Safety concerns
  • Electrical concerns
  • Tripping hazards
  • Does the roof have life left (5 years is typical)
  • Does the HVAC (heating) system work?
  • Is there a stove and running water?

If these all check out then typically the appraisal portion dealing with the condition should pass with flying colors.

If you find yourself dealing with terms such as FHA appraisals or inspections and they don’t make sense please do yourself a favor and call us for a free no cost or obligation review of your situation.  We are ‘Red Flag’ agents who look for pitfalls before they are even possibilities.  Buying and selling a home is a huge undertaking so do yourself a favor and talk with our experts.