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#2237500 - 06/03/20 01:31 PM Re-directed appraisal
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,090
South
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
Skittles
Joined: Sep 2002
Posts: 13,963
TN
Has the appraisal ordered by your financial institution gone through the independent review?
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#2237513 - 06/03/20 03:31 PM Re: Re-directed appraisal beegee
Dan Persfull Offline
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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".
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