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Denita Neuenhaus
"Certified Residential Specialist"
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- 1 Listing
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Residential
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& Awards:
CRS, GRI
Denita Neuenhaus answered:
Yes, the appraisal stays with the property for SIX months (not 4). If there is a change in the property (improvements) the improvements must be verified by the ORIGINAL appraiser.
In fact, I have a transaction right now where the seller installed a new roof in between the time the first FHA appraisal was completed and the second FHA appraisal was completed. The underwriter is using both appraisals and, in addition to having the second appraiser verify the new roof, the underwriting is requiring additional third party information about the new roof. In other words, the first appraiser has to go out to the property to verify the new roof. The city permit was not sufficient for the underwriter.
In fact, I have a transaction right now where the seller installed a new roof in between the time the first FHA appraisal was completed and the second FHA appraisal was completed. The underwriter is using both appraisals and, in addition to having the second appraiser verify the new roof, the underwriting is requiring additional third party information about the new roof. In other words, the first appraiser has to go out to the property to verify the new roof. The city permit was not sufficient for the underwriter.
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