![]() This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. If your offer didn’t contain an appraisal contingency, you could lose your deposit if you nix the deal. If the appraised value is lower than your offer, you’ll have to make up the difference or back out of the deal. Note that a lender can’t offer more money than the home’s appraised value. If you have to pay for renovations, you could consider an FHA 203(k) loan to finance both the home purchase and the cost of repairs. In some cases, you may be able to go through with the home purchase if you agree to make the repairs at a later date. The seller may be responsible for making these repairs unless your purchase and sale agreement say otherwise. If there are problems, the lender may require repairs before approving the home loan. If there are no problems, you can close your FHA loan and purchase the property. What happens after an FHA appraisal depends on whether the appraiser uncovers issues with the property. What Happens After Appraisal and Inspection ![]() By getting an inspection as part of the home-buying process, you can have a comprehensive evaluation of the property’s condition and ensure you don’t have any substantial problems after moving in. Like the FHA appraisal, you pay for the inspection, and you should expect it to cost a few hundred dollars. If you don’t have a home inspection contingency in place, you can still back out of the deal but will likely lose your deposit. ![]() If the inspector finds any significant issues-and you have a home inspection contingency in your purchase offer-you may be able to negotiate with the seller to adjust the price or request repairs before finalizing the purchase. A home inspector can give you more in-depth insight into the property’s condition than an appraiser can, helping you make an informed buying decision. Getting a home inspected before buying it whenever possible is a good idea. Also, an appraisal is required for an FHA loan, whereas a home inspection is optional. While an FHA appraisal contains elements of a home inspection, it’s not as comprehensive as a home inspection by a licensed home inspector.
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