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Nancy O | If a buyer pays for an appraisal, does the lender have a right not to release it to another lender? |
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Carolinahomerates.com
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most lenders have no choice in releasing the appraisal.
most states dont allow this to happen.
all appraisals generally belong to a lender even though you paid for it. even if the lender could transfer they would not want to lose your business to another lender
I would ask the new lender to see if they can eat the cost if they want your business |
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mcmufin
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Yes. The appraisal may be "certified" to a specific lender and released to only to that lender. In that circumstance, the lender can refuse to release it. However, that does not mean The appraiser will not release it to another lender after receiving a nominal fee from the buyer for "re-certifying" the appraisal. Most appraisers will not require a completely new appraisal unless significant time has passed since the initial appraisal.
It's always a good idea to have the appraisal certified to the buyer as well. They will not do that unless the buyer asks. |
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CJKatl
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Yes. In fact, the lender cannot release the appraisal to another lender for the second lender to use in another transaction.
The buyer pays for the appraisal, but does not own the appraisal. The appraiser owns the appraisal. Only intended users can use the appraisal, and it can only be shared with a limited number of parties, including investors, mortgage insurance companies, funding lenders, Fannie Mae or Freddie Mac, mortgage industry data collection agencies, law enforcement, the borrower, or another lender at the request of the borrower. But the other lender cannot use the appraisal for another transaction. That violates the indended user rule.
The appraiser may, for a fee, release the appraisal to another lender, but the appraiser must first actually go physically view the property again before releasing it, to be sure the property is still standing and hasn't materially changed.
The only law that gives any right to see the appraisal is for the borrower to see the appraisal. But that does not give the buyer ownership, nor does it give the borrower the right to demand another lender use the appraisal for a different loan.
And the lender would not use it because if they are not listed as the intended user, they would be stealing the appraiser's intellectual property. The appraisal will show for whom the appraisal was prepared. If the lender, or someone working on its behalf - like a broker - is not listed as the customer, the appraisal cannot be used for the transaction. This appears in the body of the appraisal, in the Subject section, about ten lines down.
For more information, you can visit the appraisal institute's web site at http://www.appraisalfoundation.org.
Oh, and another poster said you should contact the appraiser directly. NO NO NO!! You open a can of worms that is best left shut if you do that. If there is any indication the appraiser might be working on your behalf, you will be paying for a second appraisal. (It is one of the few instances where the lender can pass that cost along to the borrower - when the borrower has caused the need for another appraisal.) |
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greybeads
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The buyer’s lender is under no obligation to share the appraisal to the seller. The purchase agreement spells out the exact terms of your agreement to buy the property and the seller could not raise the purchase price should the house appraise for greater than the selling price. I have shared appraisals with sellers and their agents, as a courtesy only. |
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allamericanred2
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yes but you should be able to call your appraiser and request an add'l copy after all you paid for it |
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t.s
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twice we have paid for a appraisal and because the lender ordered it we didn't get to see the actual details, (not impressed) so l guess its up to the lenders discretion |
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valstpatrick
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Here in FL and CA, lenders order the appraisal and the appraisals are prepared for "XYZ Lender". You have a right to a copy - SIMPLY ASK.
If you do not want to go with the lender that the appraisal was prepared for, chances are slim the lender will 'release' the appraisal to a different lender. This is legal in the states of FL, CA, NC, TX, OH - these are the only states i have had the issue come up. I have had lenders release appraisals to me - BUT only when that lender was unable to deliver the loan the client wanted.
Hope this helps, |
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Leo F
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I read a lot of wrong answers here. The lender that ordered the apprisal is the appraisers client. Even if the homeowner paid for the appraisal. USPAP mandated by Federal law states an appraiser can not release or discuss the appraisal with any party other than the client (the lender that ordered the appraisal). Yes the lender has the right not to release it to anyone, they own it, not the appraiser or homeowner. The lender can release it to a new lender if they want, but the new lender would not be able to use it, because the new lender name would not reflect as client in the report. If the new lender does get a copy of the appraisal and calls the appraiser and wants him to change the client name to theirs, USPAP mandated by Federal law states, this is a new order and assignment and the appraiser can charge a new fee. You can request in writing to the lender holding the appraisal that you are requesting a copy, but the new lender can not use it for a loan. Hopes this helps. |
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sarah314
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My lender made sure that I had a full color copy of our appraisal, since I was the one who paid for it. I don't know if they "had" to do it, but they provided it anyhow.
Seems a little shady not to allow you to have a copy, whether they "have" to do it or not. Could you contact the appraiser directly? |
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ivan dog
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if you as the buyer pay for the appraisal then you should get a copy of it , the bank has to give you a copy
then you can do whatever you want with it
B. |
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