does an fha appraisal stay with the house for 4 months, even if you get a new appraisal.?
Our appraisal came in much lower than our sales price. The agent is telling us that even if we did get another appraisal, it wouldn't change anything because the appraisal must remain with the property for 4 months after it is completed.
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.
Hi Jackie,
Yes this is true, I've actually been told it is 6 months not 4.
If the underwriter entered it into FHA Connection (a system the UW uses to talk to HUD), unfortunately this is true.
If not, you can use a new appraisal. You can ask the mortgage company to look into FHA connection to see if it was logged.
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Fair Housing and Equal Opportunity