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How long is an appraisal good for?

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September 01 2013 - Springfield
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Hi-

  Depends on type of appraisal and what you are using it for.
  FHA/VA appraisals are usually for 6 months, and once you get one, that is it, even for a second buyer. You dont get one of these without a sales agreement/contract.
  Conventional... more options.. but, most of the time, the appraisal is for the buyer/buyers lender/mortgage company. So, you may have an appraisal now, but most likely when you sell the home, the mortgage company will want another one, from their list of approved appraisers. Most of the time, its a one and done on the conventional appraisal...
  If you are getting an appraisal for an idea of value, well, the appraisal is dated, and that date is the appraisers ESTIMATE of value, agreed, an expert estimate, from unbiased person (meaning they are not involved as buyer, seller, agent, lender, etc). A month later, maybe some new factor comes into play, large downturn in economy, or an upturn (lets think positive), change in rate of sales activity, etc. Anyway, appraisal is the valuation for that day.
  Hope this helps... one thing not to do, if the seller, get an appraisal and then think that is the final valuation, because the final value is determined by the market, meaning what a buyer will offer and a seller will accept, and the buyer will prob not be able to use YOUR appraisal for the mortgage company.
 
 
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September 01 2013
it should be good for 3 months.
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September 01 2013
 
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