An Arizona FHA Flip – Outdated

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One of the most crucial elements of completing an FHA flip purchase is to make sure that all the repairs that both the repairs the FHA appraiser (or appraisers) and the FHA inspector required in their respective reports have been completed prior to the Phoenix area home buyer’s close of escrow.  Remember that an FHA flip typically requires 2 appraisals and a HUD home inspection.  Typically at least one if not all three reports will list out at least one repair if not a few repairs that must be completed per FHA property guidelines prior to closing.

Final Inspection – FHA Flip Key

The purpose of this article is to address the cost and efficient processing of what is known as a final inspection.  The way that an Arizona FHA Mortgage Lender must verify that all the required repairs have in fact been completed per FHA standards is to order a final inspection.  Lets assume that both appraisals and the HUD home inspection list out required repairs.  This would mean that 3 different inspectors/appraisers are requiring something be done to the home.  What drives most buyers and Real Estate Agents absolutely nuts is that more times than not you will see 3 different sets of repairs from the inspector/appraisal trio when they all went out to examine the same property.  Isn’t that like 3 people looking at the same clear sky and one saying its blue, one saying its green and the last saying is purple?  That’s a whole separate blog…I digress!

The more important point here is that once all the work is done, an Arizona FHA Mortgage Lender does NOT have to send each independent appraiser and inspector back out to the house to perform a final inspection. Arizona FHA Mortgage Lenders can get away with sending one of the three to sign off on every repair noted in all 3 reports.

Ordering Just 1 FHA Flip Final Inspection is Better

There are two main benefits to ordering one and only one final inspection on an Arizona FHA flip purchase.  First, final inspections cost approximately $100 each.  Right of the bat this saves a Phoenix area home buyer $200.  Second, relying on and waiting for one person is much easier to manage and more efficient than juggling two or three.  I speak from experience on this one!  My team always sends the Arizona FHA/Hud home inspector out as his costs are less and he is much quicker than your average Phoenix area FHA appraiser.

Please let me know if I can help on your Arizona FHA Flip Purchase or any other mortgage need.  You may also APPLY NOW.

By Jeremy House

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