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jenny11
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0.10 Dollars($)
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 Posted: Tue Jul 10, 2007 2:41 am Post subject: Should I have to go for a second appraisal on my home? |
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I have had an appraisal done on my home in feb 2006 and then took a mortgage. I need some extra cash and for that I 'm thinking of a heloc. It's been a year before the first appraisal. Do you think I should go for another? Someone said I should have another appraisal done but why? And what's the time limit for a second evaluation to be done on the home. If I had done this 6 months after taking the first loan, do I need to an additional appraisal?
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0.10 Dollars($)
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| Posted: Tue Jul 10, 2007 2:49 am Post subject: RE: second appraisal on your home |
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Welcome Jenny.
Most appraisals hold good for 3 to 4 months. In your case, it has exceeded the time period. Hence, you need to do an appraisal again. It will help you to determine how much equity is there in your home and the maximum loan amount you can borrow against the home equity.
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 jenkin7
Joined: 04 Jun 2007
Posts: 939
140.77 Dollars($)
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| Posted: Tue Jul 10, 2007 3:59 am Post subject: |
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Hello Jenny,
| Quote: | | Someone said I should have another appraisal done but why? And what's the time limit for a second evaluation to be done on the home. If I had done this 6 months after taking the first loan, do I need to an additional appraisal? |
You have done your home appraisal a year ago. But, if you are planning to go for HELOC, you do need to have another appraisal done. The validity of the appraisal is for approximately 6 months. Any lender to whom you would go for HELOC would want to have your home appraised to verify what the equity of your house is and how much you can borrow keeping the house as collateral. |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
156.15 Dollars($)
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| Posted: Tue Jul 10, 2007 5:02 pm Post subject: |
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| Quote: | | And what's the time limit for a second evaluation to be done on the home. If I had done this 6 months after taking the first loan, do I need to an additional appraisal? |
Nowadays house prices change quite frequently and any lender won't be ready to go with the appraisal you had more than one year ago. They would like to its present value and make calculations about how much you can qualify for based on this value.
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Good is the Enemy of Great. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Wed Jul 11, 2007 12:56 am Post subject: Re |
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Hi Jenny,
Since one year has passed you have done your last appraisal, you can go for a second appraisal now to establish the current market value of your property and accordingly you can apply for the required loan amount. Sometimes the second appraisal may prove a higher value than the first, especially if the first appraiser was inexperienced or has made mistakes. |
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mikeshapiro
Moderator
Joined: 04 May 2007
Posts: 67
Location: Phoenix, AZ
27.21 Dollars($)
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| Posted: Wed Jul 18, 2007 5:45 pm Post subject: |
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in 99% of all cases the lender will not accept any appraisal that is past 6 months old. In today's market many lenders want a current (within 3 months) appraisal done and might require their own appraisal, not one you provide them because it could be a conflict of interest.
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