With regard to rental surveys in appraisals, please confirm what is exactly needed and the timeframes for which it needs to be completed. How often does the rent survey need to be updated?
The guidelines require that the appraiser conduct rent surveys, whenever possible, within one month from the date on which the appraisal is dated. This does not mean that the rental data will need to be updated after every month prior to the closing of the loan. Likewise, the appraised value does not need to be recertified unless more than 120 days has elapsed prior to the closing of the loan. The rental data only needs to be updated when more than twelve months has elapsed since the original date of the appraisal report. In this case, a new appraisal will be required (including new rental data). If the rent survey cannot be completed within one month of the appraisal report, then the appraiser must comment within the body of the appraisal report to explain why.
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