Appreciate serious responses from Real Estate professionals - please?
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In Louisiana the minimum sq ft FHA would lend on is 700 sq ft of living area. Appraisers are hired by lenders to justify the purchase price for their investment. If you got 5 appraisals they would all be different amounts. They should be close in value but an appraisal is one person's opinion.
Smaller houses usually have a larger price per sq ft because the land value is constant. If you were to subtract the land value from two different size houses in the same condition on the same size lot the price per square foot would be very close. There are many things taken into consideration in appraising a house. Each state has different rules on what an appraiser can use as a comp. You should be able to check the Real Estate Commission in your state to see if they have it posted.
If the buyers as you say were applying for a FHA mortgage than the mortgage originator had no idea who the appraiser would be. FHA assigns the appraiser not the lender.
Hope this helps.
Michael
Appreciate serious responses from Real Estate professionals - please?I couldn't see anyone approving that. That is a huge determining factor. That is nearly impossible to support unless there is a VERY particular thing about the house like Abraham Lincoln was born there.
I would say the chances of getting it approved at anything over 1.5 times the norm $$/sq ft is about .00000001% with FHA
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