Posted By: ADN
appraisal issue - 01/04/16 10:12 PM
We have a situation where the appraiser was engaged, went out to the property to inspect, however the utilities were not turned on to test water. The appraiser had to make a second trip to the property and is now charging a re-inspection fee. Would this be a changed circumstance and our lender able to reissue a LE with the new higher appraisal fee?
Posted By: rlcarey
Re: appraisal issue - 01/04/16 10:57 PM
Your appraisers test water??
Yes, it's a changed circumstance and you need to redisclose within three days of learning about it.
Randy, water and sewer tests are required at time of property transfer (sale) in certain states. Iowa is one we deal with.
I am used to water and sewer tests but never heard of the appraiser doing the tests!
Posted By: RR Joker
Re: appraisal issue - 01/05/16 01:41 PM
Maybe he was testing to see if it actually worked?
!
Posted By: ADN
Re: appraisal issue - 01/05/16 03:34 PM
Yes, they are required to test that they work!
Well, that makes more sense! I was picturing appraisers with test tubes.