On FHA loans, if the home has been resold between 91 and 180 days after initial acquisition AND the new selling price is 100% over the initial purchase price paid by the seller, a second appraisal is required from a different appraiser. There are a couple of other rules that apply so if you are listing a home that falls into this category, call me first!
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Answer: Below is the full guideline for your reference. 4000.1 II.A.1.b.iv.(A)(3) Resales Occurring Between 91-180 Days After Acquisition: A Mortgagee must obtain a second appraisal by another appraiser if: the resale date of a property is between 91 and 180 days following the acquisition of the property by the sellers; and the resale price is […]