Can a lender require you get a second appraisal, if the home I'm buying was just recently bought and sold?
Yes, a lender can require a second appraisal for a home that was recently bought and sold. Lenders typically require an appraisal to ensure that the value of the home is sufficient to secure the loan. If the home was recently sold, the lender may want a second appraisal to confirm that the initial sale price was an accurate reflection of the home's value.
Additionally, if there are concerns about the first appraisal, such as if the appraiser's qualifications or methods are in question, or if the home has undergone significant changes since the first appraisal, the lender may want a second appraisal to ensure the accuracy of the value estimate.
In some cases, the lender may order the second appraisal directly. In other cases, they may ask the borrower to order and pay for the appraisal themselves. If you are asked to pay for a second appraisal, you may want to clarify with the lender whether this is a requirement for the loan, and if so, how much the appraisal is expected to cost.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.