How long is a home appraisal good for?

How long is a home appraisal good for?

When you’re in the process of buying or refinancing a home, you may wonder how long a home appraisal is valid for. The answer to this question is that a home appraisal is generally valid for up to 120 days (4 months) from the date it was completed.

1. Can a lender use an old appraisal?

While some lenders may accept an older appraisal, most prefer to have a current appraisal that reflects the most up-to-date market conditions.

2. What happens if the appraisal expires?

If the appraisal expires before closing on the home, the lender may require a new appraisal to ensure the property’s value has not significantly changed.

3. Can I use a recent appraisal for a new mortgage?

If you have a recent appraisal for a property and are applying for a new mortgage within the 120-day timeframe, your lender may accept the previous appraisal.

4. How often do appraisals need to be updated?

Appraisals generally need to be updated every 120 days for most mortgage transactions, but this can vary depending on the lender’s policies.

5. Can I request an extension for an appraisal?

If your appraisal is nearing its expiration date and you haven’t closed on the property yet, you may be able to request an extension from the lender or the appraiser.

6. Does a home appraisal guarantee the home’s value won’t decrease?

A home appraisal provides an estimate of a property’s value at a specific point in time and does not guarantee that the value won’t decrease in the future due to market fluctuations.

7. Can I get a copy of the home appraisal?

As the buyer or homeowner, you have the right to request a copy of the home appraisal from the lender for your records.

8. What factors can affect a home’s appraisal value?

Various factors can affect a home’s appraisal value, including location, size, condition, comparable sales in the area, and market trends.

9. Should I get a home inspection in addition to an appraisal?

While a home appraisal focuses on the property’s value, a home inspection examines its condition and potential issues. It is recommended to get both done when buying a home.

10. Can I challenge the appraisal value?

If you believe the home appraisal value is inaccurate, you may be able to challenge it by providing additional comparable sales data or requesting a reconsideration of value from the appraiser.

11. Is an appraisal required for every home purchase?

While an appraisal is often required for most mortgage transactions, cash buyers may choose to forgo an appraisal if they are comfortable with the purchase price.

12. How much does a home appraisal cost?

The cost of a home appraisal can vary depending on the property’s location, size, and complexity, but it typically ranges from $300 to $500.

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