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Disclosure Law?

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Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I was told by an LO today that a Realtor said that according to new laws, the seller MUST be given the appraisal report done for the buyer. This is a new one on me! Anyone heard of this "new" law?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
As far as I know, the Seller is not part of the transaction/client stream between the appraiser/lender/borrower. That being said, there may be state laws that require that.

Roger
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Never heard that one before.

Probably a case of a Broker half listening to someone telling about the Fair Credit Act and getting the Seller mixed up with the Buyer.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Blue1

they be tryin ta git somethin over on you up there in the Northwood :?:

won't be happinen anytime soon :p

8)
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Never heard of such a thing either.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Thanks all........figgered it was bogus....
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Over the years I have had a couple of irate sellers call me and flame me out over an appraisal. The last one I basically told him to call someone who gives a hoot and hung up on him.

I know my lender has to give a copy of the report to whomever is borrower or intended user, but Geez, I have had reports come out of the woodwork. Things like accountants calling me wanting a figure for an appraisal I did for a bank that will seperate the value of the land and buildings and or the value 2 years previous to some date of death.....freebies. They seem so offended when I tell them I cannot discuss it and further more, I appraise for a living and do not provide post-mortem analysis of what I did for free. Some divorce lawyer holding an appraisal I did for a bank then getting subpoenaed to court for free....I get the impression sometimes that people think appraisers get a salary from the state or something and are at their beckon and call for freebies.
 
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