Even less common, if the appraisal expires and the new appraisal comes in lower than the original, the VA is likely to reject the expired appraisal. VA appraisals are designed, like all appraisals, to give fair market value for a property based on the home, comparable homes in the market and the state of the housing market at the time of the.
VA Home Loans VA Appraisal Fee Schedules and Timeliness Requirements Click on a particular State and it will take you to the supporting Regional Loan Center, where you can obtain maximum allowable fees for the appraisal type and the number of days allowed for completion.
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Also, appraisers do not have access to prior appraisals on a home unless a copy is given to them. Question. Do you have any other questions about who has access to an appraisal and how long the report stays with the property? If so leave a comment below and we’ll keep the conversation going. As always, thanks for reading and commenting.
A good window of time in which the appraisal is valid is between 30 and 120 days. It’s difficult to get extensions, so re-certifications from the appraiser is sometimes necessary. Appraisers work hard to gather large amounts of information on homes and properties to write accurate appraisal reports.
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The real question is how long is the appraisal good for in the market; not how long is it good for with the bank, as you stated it. Of course, FANNIE, banks, and other lenders do have their own requirements, but you said something that should really be cause for concern.
About the author: The above Real Estate information on what appraisers look at during a real estate appraisal was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 32+ Years.
Appraisals are a vital part of the loan approval process, because they determine whether a home is worth the purchase price. If a home is not worth the purchase price, it makes it that much harder.
2 Things You Need to Know to Properly Price Your Home 2 Things You Need to Know to Properly Price Your Home Tuesday May 28th, 2019 Tuesday May 21st, 2019 simplify First time home buyers , For Buyers , For Sellers , Housing Market Updates , Move-Up Buyers , Pricing