And what about cases where the apprasier needs to include an appraisal update? From HUD Where the initial appraisal is subsequently updated, the updated appraisal is valid for a period of Days after the effective date of the initial appraisal report that is being updated.
HUD There are other scenarios covered in HUD Can he or she use the same appraisal from the previous lender? Can the new lender require a new appraisal on the property instead of using the old one? Home buyers who use the FHA loan program tend to have a lot of questions about the appraisal process.
Does FHA require a home inspection? The short answer is no, inspections are not required under this mortgage program. But HUD strongly encourages home buyers to have a thorough inspection, and they provide a written notice to that effect. What does the appraiser look at? HUD requires the appraiser to examine the home inside and out, to ensure that it meets their minimum property standards. The appraiser will check out the roof, foundation, electrical system, heating and air, and more.
The property appraiser will compare the home being purchased to recent and comparable sales, in order to determine its current market value. There is a general rule for FHA appraisals-they are basically valid for four months days.
Appraisal validity can be extended with an update to the appraisal. Where the initial appraisal is subsequently updated, the updated appraisal is valid for a period of Days after the effective date of the initial appraisal report that is being updated. Updating an appraisal is not a simple matter of requesting one. There are certain FHA parameters under which an appraisal update may be ordered, and updates are not allowed outside of those parameters.
We will cover that issue in another blog post.
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