2007-12-22 22:00:29 · 7 answers · asked by chpal 1 in Business & Finance ➔ Renting & Real Estate
It depends on your state laws 6 months to a year
2007-12-22 22:07:48 · answer #1 · answered by dymond 6 · 0⤊ 4⤋
Appraisals are generally good for 3 to 4 months. Technically an appraisal is good for 6 months but the appraisal is used by the lender to help justify the loan amount. If the market is volatile the bank or lending institution is going to want an updated or new appraisal just about every time there is a transaction. Also... In Ca.... If a lenders name is on an appraisal it is illegal for a competing company to use that appraisal. You can't legally change the name to a different lender any more. Contrary to the publics belief the Lending company owns the appraisal, even if the property owner or buyer pays for the appraisal. So, Effectively, an appraisal can only be used once and that is by the lender that ordered the appraisal and used it in the first place.
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2007-12-23 08:23:16 · answer #2 · answered by Traveler 7 · 1⤊ 1⤋
There is NO state law regulating how long an appraisal is good for, in any state.
That is because the appraisal is for the banks or insuranc companies, and each sets their own policy of how long the appraisal is good for, before they ask the original appraiser for a "recertification of value".
Usually 6 months, is the guidelines most banks use. Between 6 months and 1 year, they will accept the original appraisal, with a recertification of value.
After one year, the banks want an entire new appraisal.
Those are standard Fannie Mae/Freddie Mac guidelines.
2007-12-23 07:26:30 · answer #3 · answered by Expert8675309 7 · 2⤊ 1⤋
Actually (and I'm a realtor, by the way), while a county tax worker might use the same appraisal for several years, an appraisal to sell a home is only good for two weeks.
IE, if you got your home appraised two weeks ago and are trying to sell it, and someone makes you an offer, their bank will want to know the appraisal value. They will NOT take an appraisal that is "old" in any way, shape, or form. Sometimes two weeks is stretching it. They want the most recent possible appraisal they can get.
The reasoning is because this market changes daily. Two weeks ago, the Feds may have dropped rates a quarter of a percent, changing the entire way the market runs. Perhaps several homes have sold in your area in that time.
For selling a house, the most up-to-date appraisal is preferable. After you sell it, you don't have to worry about it.
2007-12-23 08:14:10 · answer #4 · answered by kt_b_blue 3 · 0⤊ 5⤋
Until the value of the property changes. If you mean for how long will a lender accept it to support a loan, it depends on state laws and on the lender.
Right now, in some areas of the country, an appraisal made 2-3 months ago could be way out of date because of the number of foreclosures that lowered the market value of homes in the area.
2007-12-23 06:46:32 · answer #5 · answered by Anonymous · 0⤊ 4⤋
It depends on the bank. Most banks will accept appraisals up to 3 months old, but only if the appraiser is on their list of approved appraisers.
At least that's what I found here in Colorado.
2007-12-23 10:34:24 · answer #6 · answered by trblmkr30 4 · 0⤊ 2⤋
In our area (Chicagoland), sometimes appraisals aren't valid even 6 months later. The markets changing so quickly lately that it's hard to tell.
2007-12-23 10:09:03 · answer #7 · answered by Veronica 2 · 0⤊ 1⤋