Posted on: 13th May, 2009 09:39 pm
Can you tell me if I can locate the exact date of an FHA appraisal done on my property 5-6 months ago? The sale of my property did not go thru due to a low appraisal. Now I am reselling the property again and recent sales on my street for the same model substantiate the sales price I was asking then and now. I need to know when the old appraisal expires on my address. As the seller, I did not get a copy of the appraisal.
Thanks for any help you can give me on this.
Thanks for any help you can give me on this.
Hi BESTRICH,
As far as I know, the appraisal has a term of 6 months for existing construction. For proposed construction, properties under construction and those undergoing substantial rehabilitation, the term is of 12 months. You should note that the term of the appraisal begins on the day the home is inspected by the appraiser and this date appears on the appraisal form.
You can contact your appraiser and get hold of a copy of your appraisal. The appraiser will be the best to let you know when the appraisal expires.
Take Care.
As far as I know, the appraisal has a term of 6 months for existing construction. For proposed construction, properties under construction and those undergoing substantial rehabilitation, the term is of 12 months. You should note that the term of the appraisal begins on the day the home is inspected by the appraiser and this date appears on the appraisal form.
You can contact your appraiser and get hold of a copy of your appraisal. The appraiser will be the best to let you know when the appraisal expires.
Take Care.
Hey BESTRICH,
I think Sara may have misunderstood your question. In terms of the expiration of an appraisal itself, an appraisal is only valid for 1 day, the effective date of the appraisal (usually the inspection date). What changes is the time that a lender will still accept an appraisal and that will differ from lender to lender. But I don't think that is what you were asking.
I assume you are referring to the new FHA guideline which the appraisal amount stays with the case number for six months. As far as finding out when that time expires and FHA is willing to accept a new appraisal, I would either try to contact the appraiser or the lender involved. The appraiser would know the date he completed the appraisal but the lender would be able to check the case number and see when it will fall off. Perhaps, one of the loan officers on this forum with more knowledge of how to look up this info in FHA Connection could chime in and help.
I think Sara may have misunderstood your question. In terms of the expiration of an appraisal itself, an appraisal is only valid for 1 day, the effective date of the appraisal (usually the inspection date). What changes is the time that a lender will still accept an appraisal and that will differ from lender to lender. But I don't think that is what you were asking.
I assume you are referring to the new FHA guideline which the appraisal amount stays with the case number for six months. As far as finding out when that time expires and FHA is willing to accept a new appraisal, I would either try to contact the appraiser or the lender involved. The appraiser would know the date he completed the appraisal but the lender would be able to check the case number and see when it will fall off. Perhaps, one of the loan officers on this forum with more knowledge of how to look up this info in FHA Connection could chime in and help.
i think you're right on in your analysis, benjamin. our poster will want to reach out to the lender to check the case number. unfortunately, in my newer employment i no longer have fha connection connectivity. it's a simple matter, however, for the lender in question to research (if they are amenable to it).
I'm not sure if the seller is entitled to a copy of the appraisal...just a thought.
not entitled, rita; you are right. of course, if someone gave the seller a copy, that's another story.