Home Buying in 12189>Question Details

Nikki, Home Buyer in 12189

Does an VA appraisal stay with the house for 6 months, even if you get a new appraisal?

Asked by Nikki, 12189 Mon Dec 21, 2009

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2
Al Akerman’s answer
I am not sure what you are referring to but I will try my best to answer.

If an appraisal is ordered for a home by a bank, and you then switch banks, the new bank will have no idea that the original bank had an appraisal done on the home. If they order a new appraisal and it comes in higher then good for you. If it comes in lower then you can show them the original appraisal and maybe some the information can be used to bring up the value for the second appraisal.

If your bank ordered a second appraisal because they were questioning the value of the home or because of guidelines, then they will use the lower of the two appraisals.

If your bank ordered an appraisal and it came in low, they can choose to order and use the second appraisal if it came in higher and they feel it is a better appraisal overall.

An appraisal does expire in six months, but it doesn't "attach" itself to the home.

What is triggering your question? Please provide more details if this information hasn't satisfied your question or feel free to contact me at 908 415 3958.

Hope this was helpful.

Good luck.
0 votes Thank Flag Link Mon Dec 21, 2009
Yes it does. It is a HUD (FHA / VA) requirement.
0 votes Thank Flag Link Tue Dec 22, 2009
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