Areas of Expertise > Residential
We're FHA and VA Approved
Our company is on the FHA Roster of approved residential appraisers because we're qualified to do appraisals for FHA insured loans. We're trained and understand the rules and procedures in the FHA's guidance and policy documents.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA is different from the VA appraiser panel in that the lender can choose the appraiser.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At FAST Appraisals, Inc., we're more than ready, qualified, experienced and able to help.
For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value, to know your potential charge-off liability. At FAST Appraisals, Inc., we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your timeline.
Owners of property in foreclosure present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected upkeep of the home for some time, or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal and you can rely on us.
For a property that has already reverted to Real Estate Owned (REO), you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property: without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area and somewhere in-between, with minimal investment in repairs, e.g., selling the property quickly, probably as a "fixer-upper."
In each case, we understand your timeline and the unique circumstances of a REO property, as well as the special information you'll need including competing listings, market trends, etc.