Additionally, if-as in your case-there is a significant increase in price, they will require a second appraisal if you are selling within a year from purchase.
If, as JO stated, the second appraisal was ordered by the lender because they were just squirmish about the deal, then they have the right to average the two appraised values, but it is not a guideline issue-rather a comfort decision made by the underwriter.
Please realize that one of the reasons they might order a second appraisa is because they didn't like the first one's comps, etc. in which case they are protecting themselves by ordering a second appraisal and might not look at the first on at all. Files get audited from time to time by FHA (even if the loan is not in default) and the underwriter might be questioned if they used a questionable appraisal.
It can never hurt to send in comps to the appraiser through your realtor, but the appraisers might have seen those comps and not used them for a variety of reasons, in which case they will continue to refuse them.
I hope this was helpful.
Joe is correct about the seasoned part (holding a property for a set amount of time before resale can be done). Current appraisals are good for 6 months, though in some cases and in declining markets, four months is the norm. So, if you are trying the resale a house you bought in a short amount of time - your own house could be your worst nightmare, unless you can prove without a shadow of doubt, what you have done to improve the "current" appraisal on the property.
Another thing to take into consideration is that FHA might be satisfied with the appraisal, but the underwriter for the mortgage company is requesting the second one to be done. With tighter lending practices and high foreclosures in the 38128 area - this may just be the thought process in your case.
I never in my years of real estate where a 2nd appraisal was ordered. UNLESS you personally had an independent appraisal completed. Many factors play into valuation of a home.
Did you review both published reports, determine if all information is exact including sq. ft. I have seen it where an appraiser missed 500 sq. ft in a home ! what a big difference. Compare how they determined comp'd value, place all information on excel spread sheet you might be able determine answers to your questions.
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