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Should I have to go for a second appraisal on my home?

Posted on: 10th Jul, 2007 02:41 am
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?
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.

Thanks.
Posted on: 10th Jul, 2007 02:49 am
Hello Jenny,
"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.
Posted on: 10th Jul, 2007 03:59 am
"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.
Posted on: 10th Jul, 2007 05:02 pm
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.
Posted on: 11th Jul, 2007 12:56 am
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.
Posted on: 18th Jul, 2007 05:45 pm
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