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Possibly but the Lender doesn't need to follow his lead. They need to say the appraiser is on our list, he has done good work for us and we are only willing to make the loan if this appraiser appraises the property. That is what AMCs I have dealt with do when there is push back not dealing with conflict of interest.
After second time per Appraiser. Thus, you have your third attempt.
Same lender, same brokerage, same buyer and seller.
Yes, but incest is a powerful motivation. Lenders buy realtors lunches and pay for CE classes and sponsor golf tournaments and the like. In turn, realtors lead lambs/buyers to slaughter/lenders. No one involved is concerned about the buyer or the appraisers, they intend to close the loan. If it is an FHA/VA/GSE loan, the lender will have no exposure once their mortgage moves up the food chain. They are paid their fees on day one.
Well I am an appraiser and a Realtor, and I can tell you I would never stick my hand into the lending. Good way to get sued.
Well, you are the rare bird, then! Around here, it is very commonplace. The situation you are describing happens daily across the country, and in almost every instance, the realtor is involved. The other wrinkle comes from the lender owned AMCs. The "AMC' engages appraiser then immediately sends emails to loan officer and often realtor indicating which appraiser was selected. Within an hour or so, the assignment has been canceled and re-assigned if the local loan officer chooses not to allow the appraiser to continue. There is no enforcement to my knowledge, so the avenues to lie, cheat, and steal are simply expanding and multiplying.
I have been appraising in this area for 32 years and I know it goes on. However, I have to say that most AMCs will stand up for me. One went as far as holding on for two weeks and finally the Realtor/seller gave in and the appraisal was completed. They are usually few and far between , however this one involved the same lender, buyer and seller, and Realty Brokerage. I know it was the Realtor, however the lender needs to be held responsible so the Realtor knows he cannot simply side step an appraiser that is doing his or her job.
