Frequent Mistake of Homeowners?
A frequent mistake made by many homeowners is to engage an appraiser to prepare an appraisal report that is to be used for financing through a lending institution. It is a Federal Government requirement that appraisals for lending purposes be engaged by the lender. If a lender tells a homeowner to “get their own appraisal” that homeowner has a very good chance of having to pay for two appraisals if the homeowner decides to go to another lender. When the lender orders the appraisal and the homeowner later switches lenders, then the appraisal can be transferred from one lender to the next with usually little problem. Lenders abiding by the Federal Regulations will not accept an appraisal done directly for a loan applicant. If a lender tells you to get your own appraisal, we suggest that you ask that lender to order the appraisal or get a new lender if they will not. Where does an appraiser get the information used to estimate value? Back to top Gathering data is one of the primary roles
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- Frequent Mistake of Homeowners?
