Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for Dee631

I had 2 appraisals done because lender said I had to, is this true?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 24 2009 - Ravenna
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Best Answer
Dee,

Usually if the loan amount exceeds $1,000,000 two full appraisals are required.

If your loan amount is less, it probabaly was for one apprasal and one "drive-by" appraisal or "desk review." .... Bet wishes, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 24 2009
To add to Rudi's response, it is much more typical right now than it ever has been in the past. If you are refinancing and are taking cash out with an FHA loan over 85% of the value, then a second appraisal is required. If the bank did not like the first appraisal for any reason, they may require a second to be completed. To answer your question, yes it may be true.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 25 2009
 
Related Questions
I had 2 appraisals done because lender said I had to, is this true?
Profile picture for Aaron Lazenby
Latest answer by Aaron Lazenby
March 25 2009 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 904 E Spruce Ave, Ravenna, OH Home For Sale
    904 E Spruce Ave, Ravenna, OH 44266

     For Sale: $88,500

    • Beds: 3
    • Sqft: 952
    • Baths: 1.0
    • Lot: 10018
  2. 4115 Hattrick Rd, Rootstown, OH Home For Sale
    4115 Hattrick Rd, Rootstown, OH 44272

     For Sale: $15,000

    • Beds: 4
    • Sqft: 1248
    • Baths: 1.0
    • Lot: 24393
  3. 3732 Jones Rd, Diamond, OH Home For Sale
    3732 Jones Rd, Diamond, OH 44412

     For Sale: $269,900

    • Beds: 4
    • Sqft: 2975
    • Baths: 4.0
    • Lot: 224334