Home Buying in 03103>Question Details

Realtorwoman, Home Buyer in Manchester, NH

fha buyer. can buyers lender use sellers old fha appraisal that was completed a few months prior on a refi?

Asked by Realtorwoman, Manchester, NH Wed Sep 2, 2009

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7
Hi,

When you say a few months old. Is a 2 or 3 months old. Yes, it could be used as long as the lenders agree. If is older than 3 months I do not recommended it to do that. The comparable definitely are not good anymore.

Sincerely,
Maria Cipollone
0 votes Thank Flag Link Fri Aug 17, 2012
No...but why would you use an appraisal that is a few months old. Those are old comps and you need new ones.. An appraisal is a snapshot in history of values. The newer the photo the closer to current value you will be.
Web Reference: http://bradbergamini.com
0 votes Thank Flag Link Mon Sep 7, 2009
you need to have a new appraisal
0 votes Thank Flag Link Mon Sep 7, 2009
In addition each bank will want their own independant and approved appraiser to complete an appraisal rather than use another banks appraisal. Where FHA is more thorough and complex than a conventional loan or appraisal there is too much risk associated with accepting someone elses work. Sorry to say the buyer wont be able to save any money this time.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Sep 7, 2009
Unlike a conventional appraisal, an FHA appraisal belongs to and remains with the subject property for 6 months. Therefore, if you have a buyer that pays for an FHA appraisal and a mortgage broker sends the borrower to a bank that subsequently declines the loan the broker can simply have that appraisal's FHA case number reassigned to a new lender and they must accept it. However, once the original loan that the appraisal was ordered for closes, the appraisals shelf life is over, even if less then 6 months has transpired. Since the original borrower, who the appraisal was ordered for, closed on their loan a new appraisal would be required in this situation. Hopefully this helps you understand the rule a little better.
0 votes Thank Flag Link Wed Sep 2, 2009
Unfortunately Josh is correct. There would have to be a new appraisal ordered through the new lender. Sorry.
0 votes Thank Flag Link Wed Sep 2, 2009
No. There would have to be a new appraisal.
0 votes Thank Flag Link Wed Sep 2, 2009
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