Your home probably passes FHA appraisal

FHA appraisals in Nevada typically cost between $500-$700 depending on the property type and location:

• Single-family home (Las Vegas/Reno metro): $500-600
• Multi-unit property (2-4 units): $650-800
• Rural Nevada properties: $600-750 (due to travel time)
• Re-inspection (if repairs needed): $150-200

The buyer typically pays the appraisal fee upfront (due at ordering, usually part of your application fees). This is a non-refundable expense even if the deal falls through.

Good news: FHA appraisals are valid for 120 days. If your deal doesn't work out but you find another property within 4 months, you can transfer the appraisal to the new home (if it's eligible).

No. Federal law (Dodd-Frank Act) requires lenders to use independent appraisal management companies (AMCs) or their own FHA-approved appraiser panel to ensure unbiased valuations.

This means:

• The lender orders the appraisal through an AMC
• The AMC randomly assigns an FHA-approved appraiser from their network
• You (buyer) and seller cannot influence which appraiser is chosen
• No direct contact between buyer/seller and appraiser is allowed

Why? This prevents conflicts of interest and "appraisal shopping" where parties pick friendly appraisers who might inflate values. The system ensures fair market valuations that protect both you and the lender.

If the appraisal comes in below your agreed purchase price, you're in what's called a "low appraisal" situation. Here's what it means and your options:

Your options:

1. Pay the difference in cash: You'd need to bring an extra $20K cash to closing (plus your original down payment). If you don't have it, this won't work.
2. Renegotiate with seller: Ask seller to lower price to $380K (appraised value). Many sellers will if they want the deal to close. Your agent should negotiate this.
3. Split the difference: Compromise – maybe seller lowers to $390K and you bring an extra $10K. Both parties share the pain.
4. Challenge the appraisal: If you have strong comps showing higher value, your agent can submit a "reconsideration of value" to the lender with supporting data. Appraiser reviews and may adjust (rare but possible).
5. Walk away: If you have an appraisal contingency in your contract (most do), you can cancel and get earnest money refunded. Then find another property.

Nevada market note: In hot Las Vegas/Reno markets, low appraisals happen occasionally when bidding wars drive prices above appraised value. Work with an experienced agent who prices offers realistically to avoid this.

Total timeline: 7-14 days from order to receiving the final report. Here's the breakdown:

Yes, the seller (or tenant if property is rented) can be present during the appraisal, but it's typically not recommended. Here's why:

• Appraiser needs full access: They must inspect all rooms, attic, garage, etc. Seller being there can slow things down or make appraiser uncomfortable.
• No influence allowed: Seller cannot talk to appraiser about value, recent improvements, or try to influence the report. Appraisers are instructed to remain independent.
• Easier for everyone: Having seller leave (or just let listing agent handle) makes inspection smoother and faster.

Best practice: Seller should vacate for the 1-2 hour inspection. Listing agent can be present to provide access and answer any questions appraiser has (like "When was roof replaced?" or "Is that water stain old or new?").

Occupied properties: If home is tenant-occupied, seller must give proper notice (24 hours in Nevada) for appraiser access. Tenants can be present but appraiser still needs to see everything.