Posted by Vic on March 23, 2001 at 14:54:02:
Yes that’s what I did. I added closing costs & Nehemiah to sales price & that’s why I’m having trouble getting it to appraise.
You’d better be careful on your deal because FHA appraisals are really starting to get tough. The appraiser I’m using told me yesterday that they appraised a house for 110K only to have the lender come back & say the house was only worth 95K. Needless to say it killed their deal.
So make sure you can get it to appraise. You may want to have the lender call the appraiser & get a verbal on it.
The way I presented it to my buyers when I told em about it today is I said - I think I can get the appraisal to cover the sales price & the closing costs, but I don’t know if I can get it to cover the down pmt., so can you come up with an extra $X, which in turn will lower your monthly pmt. $X. They said they probably could, but may have to push sale back to do it. We’ll see.
Best of Luck,