FHA inspections – how fast can they be done? | FHA Home Mortgage Loan Interest Rates

FHA inspections – how fast can they be done?

How quick can an FHA inspection for approval be completed? We are selling our condo and buying a house. We are in escrow in both processes. Of course we need to sell to get the down payment for the buy. Today, our agent called to see if the condo we are selling has been inspected and approved by the FHA. I’m not sure but it sounds like the buyer’s lender wants FHA backing. To our knowledge, the condo has not previously been approved. We are locked in at a decent mortgage rate, but there is an expiration date for that lock-in. I don’t want to lose the rate and wonder how long it will take to have the FHA do their inspection of the condo and approve the backing. We live in So. Calif. Any advice would be greatly appreciated. Thank you.

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This entry was posted on Saturday, January 30th, 2010 at 12:09 pm and is filed under FHA Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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2 Responses to “FHA inspections – how fast can they be done?”

boo76 says:

January 30, 2010 at 12:33 pm

Typically if his/her buyer is doing an FHA loan, then the loan company that is doing it for them needs to send their own inspector over. It’s not up to you…the only time you get an inspection is if you wanted to certify that your home is somehow a excellent buy or something…like a “for the record” type thing….

If the buyer is doing an FHA loan, then the lender should be sending an inspector over anywhere from 30 days before the closing and up until about 2 weeks from the closing.

When is your closing date for the buyer? If it is w/in the next 30 days expect someone to come inspect the home in the next few days to couple weeks…

Hope that helps….
Chewning Inspection Svcs Florida says:

January 30, 2010 at 12:54 pm

We are FHA inspectors in Florida and we can typically complete an FHA inspection with a 72 hour turnaround from time requested. It depends on the time frame that your mortgage company or lending institution sends the request. It usually isn’t hard from our point of view. Generally an FHA appraisal has already been perfromed and we are forwarded a list of concerns or compliance issues from the lender. We visit the site, make sure the concerns have been addressed appropriately and issue a report.

Tags: Buying a house, done, escrow, expiration date, fast, FHA, inspections, mortgage rate, They,

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