I beleive that appraisal validity duration is specific to individual states, but I can not find any information at the state level to indicate how long a real estate appraisal is good for.
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#1 by glenn on August 23rd, 2009
I don’t believe their are any state laws or regulations on this. It depends on the mortgage regulations. For FHA it may be different than for VA or conventional. So I would ask your mortgage company.
#2 by Leo F on August 23rd, 2009
The individual states has nothing to do with how long an appraisal is valid. An appraisal value is only valid as of the effective date of the appraisal (the day of the inspection). Prior to the declining market most lenders would accept appraisal that were done within 6 months of the effective date of the appraisal. Now with the declining markets throughout the US, lenders are requiring new appraisals even if one was done 2 months ago. If you have a current appraisal and try to take it to another lender other than the one named as client in the report, the new lender will not accept it. You would have to have the appraiser get a release letter from the first lender, just to change the name of the client and you will be charged a new fee due to USPAP states this is a new assignment. Remember if you did not order the appraisal from the appraiser, then you do not own it, even if you paid for it and thats federal law.