Posted on: 09th Nov, 2010 09:32 am
we are in the process of refiancing and locked in our rate and signed the good faith agreement. now our bank has called and said they need another appraisal on our home from a different company because the appraisal that was done 3 weeks ago used a home comparable that was over 2000 sq. feet more. even though it was the high comparable and adjustments were made they said it was unacceptable. the company could not find another comparable in the area so the bank is not using it and wants another one. i do not think this is fair. can the bank do this after we have already locked in our rates. if this new company appraises our home for alot less we will not be able to refinance. i feel like this is a scam.
Hi julietaxis,
The bank can ask for a second appraisal if they feel that the first appraisal was not sufficient. Though your rates have been locked, you haven't signed the final closing. Thus, the lender can ask for a second appraisal.
Thanks
The bank can ask for a second appraisal if they feel that the first appraisal was not sufficient. Though your rates have been locked, you haven't signed the final closing. Thus, the lender can ask for a second appraisal.
Thanks
Hi, I work for a bank and I can tell you that this is a normaly practice for the bank to order a second apprasial. If they are not happy with the sales comparables that the apprasier provided, they can order something called an "appraial tag" which is a revision of the existing apprasial that has already been done.
Only in rare ocassions that they bank will order a second apprasial. For example, if the apprasier is already in the bank's black list etc.
Only in rare ocassions that they bank will order a second apprasial. For example, if the apprasier is already in the bank's black list etc.
Exceuse me, I mean "not normal" in my previous post