An interesting article on why short sales require so much time from the banks perspective:
I have been doing an increasing amount of FHA appraisals for brokers trying to keep some control of the appraisal ordering process. In an effort to increase help borrowers understand the process I wanted to post this, From FHA: "Required repairs are limited to those repairs necessary to preserve the continued marketability of the property and to protect the health and safety of the occupants."
When you do FHA appraising you constantly have the 3 S's in your mind:
1. Safety - Any safety issues need to be fixed.
2. Security - I like to refer to this one as "saleability". It basically refers to protecting the FHA insured mortgage by keeping the property in marketable condition.
3. Soundness - Are there any structural problems? Floor joists rotted, or a leaking roof?
Having the appraiser do a FHA appraisal does not constitute a home inspection and it is always recommended you hire a qualified home inspector.
Here are 12 of the many things your FHA appraiser will look for: