203K Rehabilitation Mortgage Appraisal
A 203k mortgage loan allows potential property owners to purchase heavily damaged or old property and have the funds to repair it back into working order. A certified FHA appraiser must to be able to accurately and properly assess property that has sustained damage.
203k appraisals must be extremely thorough in order for you to get the correct amount of money. An inexperienced appraiser may not be able to notice less noticeable problems that will become a bigger problem over time. While all appraisals must be done by an FHA certified appraiser, only an experienced one can assess the value of the property before and after repairs.
Purchasing property that is not in top shape and getting the necessary repairs done with the money from a 203k loan can be much more affordable than purchasing a pristine piece of property outright.
As with any other type of home or property loan, the appraisal is the factor that will determine how much money you will be eligible for. An inaccurate appraisal can be the difference between being able to repair a piece of property on your terms or being pushed to purchasing one that has already been repaired, or has been well-taken care of.
I have extensive experience doing 203k mortgage appraisals as an FHA certified appraiser, and that experience can go a long way towards you getting the money that you need. These types of loans are some of the hardest to do appraisals for, and that is why you need someone who knows what to look for and how to get you the most money possible towards your repairs.