The Top Four Appraisal Questions Explained.

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 When it comes to Residential appraisals in Orange County, it is common for people to have tons of questions. This is because the terms and jargon provided on the internet to explain the procedure can be challenging to comprehend by someone who isn’t aware of the appraisal.

However, we collected a few common questions that every homeowner had before the appraisal was scheduled. 

Here in this blog, we will try to answer those questions so that you have proper insight.

1- How long will the appraisal report last?

The type of loan you opt for determines the expiry date of the appraisal. It can take anywhere between 90 to 120 days for the report to become ineffective.

2- Why can’t the appraisal report last forever?

The appraisal report displays the value of your house. And we all know that the property market fluctuates. Even your home’s age or other conditions have a greater impact on the overall value of your property. That is why the appraisal report comes with an expiry date. 

3- What is the appraisal extension?

If the appraisal expires, then it can be extended only if it meets certain requirements. 

4- What is the appraisal update?

The appraisal update will not have any new opinions in terms of the value of the property. But the appraiser will need to review the market and certify that the value mentioned on the original appraisal is not changed since. 

Bottom line

We hope even you had similar doubts regarding the Residential appraisals in Orange County. 

But if you need an in-depth insight, then get in touch with the United Appraisal group. 

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