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#2237500 - 06/03/20 01:31 PM Re-directed appraisal
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,090
We have a residential construction loan request. The applicant withdrew his application from a different bank but already had an appraisal in the name of the other bank for $530,000. When he applied with us we had another appraisal order from a different appraiser that came back at $475,000.

Are we obligated to use our appraisal or can we just get the original appraisal re-directed to us?

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#2237503 - 06/03/20 02:13 PM Re: Re-directed appraisal beegee
Skittles Offline
10K Club
Joined: Sep 2002
Posts: 13,963
Has the appraisal ordered by your financial institution gone through the independent review?
My Opinions Only

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#2237513 - 06/03/20 03:31 PM Re: Re-directed appraisal beegee
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,710
Bloomington, IN
Unless your independent review of the appraisal identifies deficiencies in the appraisal then how do you reconcile the $55,000 difference in value between the two appraisals?

Most importantly if there are no deficiencies in your appraisal how do you justify "value shopping".
The opinions expressed are mine and they are not to be taken as legal advice.

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