FHA Appraisal Guidelines – What to Expect

FHA appraisals in Nevada typically cost between $400-$600 depending on property size, location, and complexity. Las Vegas and Reno properties are usually on the lower end, while rural Nevada properties may cost more due to travel time and fewer comparable sales.

You pay this fee upfront when the appraisal is ordered, regardless of the outcome. If the appraisal doesn't meet value or has significant required repairs, this fee is non-refundable.

Buyers typically cannot attend the FHA appraisal to maintain objectivity and prevent undue influence. The appraiser works independently and coordinates access with the seller or listing agent.

However, you can request your real estate agent attend if the seller agrees. Your agent can point out recent upgrades or answer questions but should not attempt to influence the appraiser's opinion of value or condition.

If the FHA appraisal comes in below your offer price, you have several options:

• Renegotiate purchase price down to appraised value
• Pay the difference in cash (your loan amount is capped at appraised value)
• Challenge the appraisal with your lender if you have strong comparable sales data
• Walk away from the deal if you have an appraisal contingency in your contract

Most Nevada purchase contracts include an appraisal contingency protecting your earnest money if the property doesn't appraise.

Repair costs are negotiable between buyer and seller. Nevada purchase contracts typically make the seller responsible for bringing the property to FHA minimum standards, but this varies by contract terms and market conditions.

Common scenarios in Nevada:

• Seller pays – Most common; seller wants deal to close
• Buyer pays – In hot markets, buyers may agree to handle repairs to win the bid
• Split costs – Both parties share repair expenses
• Credit at closing – Seller gives buyer cash credit to handle repairs after closing

Your real estate agent negotiates repair responsibility during the inspection/appraisal contingency period.

Yes, sellers can refuse to make FHA-required repairs. Nevada is a seller's market, and many sellers prefer not to deal with FHA repair requirements, which is why some listings specify "conventional or cash only."

If the seller refuses, you have these options:

• Pay for repairs yourself before closing (if seller allows access)
• Use FHA 203(k) rehab loan to finance repairs after closing
• Walk away from the deal and find another property

Working with an experienced Nevada FHA lender helps you navigate these negotiations and explore all options.

FHA appraisals are valid for 120 days (4 months) from the effective date of the appraisal. If you don't close within that window, you can request a one-time extension for an additional 30 days (total 150 days maximum).

Important notes about FHA appraisal validity:

• The appraisal "sticks" to the property if your deal falls through
• If another FHA buyer makes an offer within 120 days, they must use the same appraisal
• After 120 days (or 150 with extension), a new appraisal can be ordered
• Required repairs must still be completed regardless of new buyer