Posted on: 25th Jul, 2005 01:29 am
I have a mortgage. i had my home appraised. A few days ago the appraiser visited again.now my lender wants me to pay again for it. i don't find the reason.what should i do?
Hi kelvin
Welcome to MortgageFit forum.
Your lender may charge you for a second-time appraisal. The first appraisal determines the property value based on the condition of your property. In case the appraiser finds that there are repairs to be made, he may visit you once again to check whether the repairs are completed.
By law, the mortgage company cannot charge fees greater than that demanded by the appraiser. In case of any doubt, you should ask for copies of appraisal invoice and demand a complete explanation of the charges.
Hope you will be benefited from this information.
Regards,
Caron.
Welcome to MortgageFit forum.
Your lender may charge you for a second-time appraisal. The first appraisal determines the property value based on the condition of your property. In case the appraiser finds that there are repairs to be made, he may visit you once again to check whether the repairs are completed.
By law, the mortgage company cannot charge fees greater than that demanded by the appraiser. In case of any doubt, you should ask for copies of appraisal invoice and demand a complete explanation of the charges.
Hope you will be benefited from this information.
Regards,
Caron.
Some lenders require what's called a review appraisal. If the value seems stretched to the lending institution when they recieve the original file w/ appraisal, they will send out someone they are affiliated with to appraise it and go w/ that value (if it's not the same as the original). There is no way to know for sure if the institution will do that or not. If a review appraisal is not on the good faith, I would question paying that. When it happens to me, I usually eat it, or ask the client to split it with me depending on their situation.
Kevin
Kevin
thanks for Caron's explanation for the second appraised.
"If a review appraisal is not on the good faith, I would question paying that. When it happens to me, I usually eat it, or ask the client to split it with me depending on their situation.
"
I agree if they didn't tell you up front something is not right. On certain transactions lenders actually require 2 appraisals. But really only on jumbo loans and commercial deals. If your lender wants you to pay it there is probably more going on than they are letting on. The only time I would require that is if I wasn't sure the deal was going to close. At which time I would let my client know what they were getting into and let them decide how to proceed. I definately wouldn't just send an appraiser and then tell you to pay. Not only is this not fair it is unethical. You don't have to pay and guess what the best thing is.... You don't have to do any business with them.
Here is my conclusion... If you have to pay for another appraisal and they are treating you like that... Don't think about the already paid for appraisal as a loss because if you have to pay for a 2nd then you will pay for that with a new lender... So don't let them string you along by saying well your not going to get your 1st appraisal money back unless you work with us... Typically when a company is misleading from the beginning it gets really bad at closing.
"
I agree if they didn't tell you up front something is not right. On certain transactions lenders actually require 2 appraisals. But really only on jumbo loans and commercial deals. If your lender wants you to pay it there is probably more going on than they are letting on. The only time I would require that is if I wasn't sure the deal was going to close. At which time I would let my client know what they were getting into and let them decide how to proceed. I definately wouldn't just send an appraiser and then tell you to pay. Not only is this not fair it is unethical. You don't have to pay and guess what the best thing is.... You don't have to do any business with them.
Here is my conclusion... If you have to pay for another appraisal and they are treating you like that... Don't think about the already paid for appraisal as a loss because if you have to pay for a 2nd then you will pay for that with a new lender... So don't let them string you along by saying well your not going to get your 1st appraisal money back unless you work with us... Typically when a company is misleading from the beginning it gets really bad at closing.
