How Long Are Property Appraisals Good For. The property appraiser will compare the home being purchased to recent and comparable sales, in order to determine its current market value. And on new construction, the appraisal will be good for an entire year.
To summarize, property appraisals have expiration dates because the housing market tends to fluctuate, and the lender doesn’t want to lose money. How long it takes them is highly dependent on how many other homes they are appraising. On existing homes, an appraisal is good for 90 days.
Appraisers Use Comparable Sales (Recently Sold Properties With Similar Characteristics) To Form Their Opinion Of Value.
However, you won't get your appraisal report right away as the appraiser still needs to perform a home comparison and prepare their report. The appraiser will pull comparable homes to factor into their valuation. 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.
Generally, An Appraisal Longer Than Four Months Old Or 120 Days, Is No Longer Considered Valid By Lenders.
For example, appraisals for homes that are under construction usually last for about 12 months. After that, “fha allows a recertification for another 120 days if applied prior to the expiration date.”. Due to the number of foreclosures and.
Veterans Affairs (Va) Loans, On The Other Hand, Validate An Appraisal For Up To Six Months.
The value of the property was determined by an appraisal at $200, 000. After the appraiser visits the property, they’ll look at comparable home sales in the area. In a really slow market with little change, an appraisal can be good for six months or longer.