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How Long Is A South Carolina Home Appraisal Good For?

By Colleen Colkitt

What is an appraisal?

An appraisal is an evaluation of value for a property. Typically this is an assessment of the property's market stock value, which is useful when trying to sell your home or land. An appropriate survey of the land is necessary because every piece of property differs, so an evaluation specific to your property is needed in order to qualify for mortgage loans, selling estate, and even in divorces or taxes.

Both the property owner and the other involved party, can use the results of the appraisal, such as the tax collector or real estate broker of the particular situation.

The inspection of your home or equipment in need of an appraisal, should be done by a licensed or certified appraiser. This will validate your data and make the results reliable. It will be reported on the Highest and Best Use of the real property if it's based on the market value, and if it's based on the standardized form, most commonly used, it will use the Uniform Residential Appraisal Report.

How Long Is An Appraisal Good For?

Appraisals need to use the most current data available in order to be an accurate assessment of your property and it must reflect the market value as well. A general rule of thumb is the appraisal should be no more than six months old to be considered relevant.

If the comparable sales, or comps, don't require adjustments to match them to the subject home, it might stretch to a year, however the more current it is, the more accurate the data will be!.

For appraisals, the same rule should be applied for six months. Six months should be the maximum amount of time that an appraisal is valid for. Sometimes with different types of loans the appraisal differs. For an FHA loan, it is said to have only about 120 days of validity, although an extension may be granted if proper paperwork and approval is submitted.

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