Required and Optional Second Appraisals
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Required and Optional Second Appraisals
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| A second appraisal is recorded using Appraisal Logging in the following circumstances: | |||
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91-180 day property flipping rule applies to the case. | ||
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Property is located in a designated area, is resold within 91-365 days after acquisition, and the new sales price meets or exceeds the resale price percentage threshold. The threshold is based on the property's zip code. | ||
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Case was transferred to another lender and due to a portability issue, the new lender ordered a second appraisal. | ||
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Expiration of the appraisal validity period. | ||
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Under certain conditions, an as-is appraisal is required for a 203(k) Rehabilitation Mortgage Insurance case in addition to the first appraisal, which is always a subject to appraisal. | ||
| Note: A second appraisal is optional for cases assigned on or after February 15, 2010. If the case is not subject to property flipping rules, then the optional second appraisal is always used for case processing; otherwise, the system determines which appraisal is used in case processing. | |||
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