How long can an appraisal be used?
Typically you can expect a home appraisal to remain valid for anywhere between 60 days (two months) and 180 days (six months), with a number of exceptions and variables. Appraisers use comparable sales (recently sold properties with similar characteristics) to form their opinion of value.Click to see full answer. Similarly one may ask, how long…
Typically you can expect a home appraisal to remain valid for anywhere between 60 days (two months) and 180 days (six months), with a number of exceptions and variables. Appraisers use comparable sales (recently sold properties with similar characteristics) to form their opinion of value.Click to see full answer. Similarly one may ask, how long is an appraisal report valid for? There’s no set expiration period for an appraisal Home appraisals don’t come with an expiration date. With that said, most lenders consider them valid for about three to nine months. But if home prices in the area have been rapidly falling or rising, lenders may require a new appraisal more often than that.Similarly, can I reuse an appraisal? With few exceptions, you can’t use the same appraisal at different banks because each lender uses its preferred appraiser or appraisal firm. Herein, how long should a home appraisal take? The examination itself can take anywhere from 20 minutes to 3 hours depending on the size and details of the property. Here the appraiser will evaluate if your property is in good, fair, poor, or average condition. Poor properties may also take longer to evaluate.Do appraisals usually come in at asking price?Seems like every time there is a purchase transaction needing an appraisal, you come in just above the purchase price. If the house is selling for $200,000, you come in at $202,000. If it is selling for $450,000, you come in at $460,000.
