Home Buying in 92407>Question Details

Ca, Home Buyer in Fontana, CA

needed sort of idea

Asked by Ca, Fontana, CA Wed Sep 5, 2012

How many days is the approved short sale appraisal good for?

This property that we put offer to was appraised for 221k, more than a month ago, is there a possibility that they gonna ask for another appraisal again? the listing agent and i put an offer on 8/21/12 to bofa for 222k. im just wondering what are they responds to our given offer?if they do appraised again is it still same value with the first appraisal?

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Ruth and Perry Mistry’s answer
Hello Coco

Very common in Calif. to have multiplt appraisals and if there are multiple lenders in a rising
market with low inventory, then 4-5 months out, the 2nd lender and first lender do ask
for new appraisals.

We loose 2-3 transactions a year in silicon valley on short sales that take time, and values rise.

Sure, our buyer says s/he cant afford it and walks away.
Bank forecloses and ohhh lallalla !!

Best regards
0 votes Thank Flag Link Wed Sep 5, 2012
Generally speaking, lenders will accept the appraisal for 90 days from the date on the appraisal
0 votes Thank Flag Link Wed Sep 5, 2012
Hi Coco,

BOA will not order another appraisal. If you are financing, is your lender the one will be ordering a new appraisal in order to give you the loan. If is a cash deal, they will accepted at that price.


Maria Cipollone
0 votes Thank Flag Link Wed Sep 5, 2012
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