Appraisal Guideline:

 

On an FHA appraisal, the case # is assigned to the property and is valid for 6 months.  What this means is…

 

If an FHA appraisal is completed, and the property falls out of contract…the original appraisal and value must be used if the home is sold within 6 months from the original appraisal date, and financed thru FHA financing.    

 

This is important for agents on either side of a transaction.  As a listing agent, it would be prudent to ask your client if they have had an FHA appraisal within the past 6 months.  And as the seller’s agent, you would want to know that as well.

 

Beginning January, 2010…the 6 month case # assignment will be reduced to 120 days (4 months).

 

We have been successful in a “case-by-case” exception on this…

 

As The Meredith Team underwriters have direct communication with HUD (HUD manages FHA).

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