Pay For Second Appraisal?

[Legitamate]

FHA file transferred to different lender. Lender B finds factual corrections that need to be made in Appraisal. I have a understanding that the original appraiser may not want to make corrections and why. And the only recourse is to pay for a new appraisal. What does "pay for a new appraisal mean" Pay for the original Appraiser to make corrections? Pay for the original Appraiser to start from scratch? Pay for a different Appraiser? (And if a different Appraiser is hired wouldn't this then break the 120 day FHA Rule) Please help I'm confused.......

 

[shrubberyvaluation]

FHA file transferred to different lender. Lender B finds factual corrections that need to be made in Appraisal. I have a understanding that the original appraiser may not want to make corrections and why. And the only recourse is to pay for a new appraisal. What does "pay for a new appraisal mean" Pay for the original Appraiser to make corrections? Pay for the original Appraiser to start from scratch? Pay for a different Appraiser? (And if a different Appraiser is hired wouldn't this then break the 90 day FHA Rule) Please help I'm confused.......

What does FHA say? The 90 day rule can be circumvented I believe if there are some level of errors, as an appraiser I don't know as its more of a lender side thing.

Yes the appraiser should not be doing corrections for a different lender. Its more than not wanting to, its that he should not be doing so if he wants to keep his license.

A new appraisal would be a new appraisal, they could hire the same person if both parties agreed.

You could try to get the original lender to have them fixed, but who knows how much they will care.

 

[JTip]

Lender B finds factual corrections

How about one example.

 

[Terrel L. Shields]

Lender B finds factual corrections that need to be made

A- one "error" maybe they want the appraiser to change the lender name. THAT IS A VIOLATION OF PRIVACY REQUIREMENTS OF THE LENDERS AND USPAP (the appraiser's required regulation). B - They may have different requirements within their own lender guidelines. So, unless a there is an error in the report related to FHA, there is no error. C- the regulation requires the lender B to order a NEW appraisal if they are dissatisfied with the original. They must accept the original as is and cannot demand the appraiser to alter an appraisal created for others.

Now if the report was truly not compliant, why would they order an appraisal from the same guy? That would be stupid. So, they need to order a new appraisal from a new appraiser or accept the existing report 'as is'. That is the regulations. The appraiser would endanger their own license by altering a report for Lender B.

 

[Legitamate]

How about one example.

This is what I'm referring too. “The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal.” Same questions as above....

 

[Dublin ohio]

This is what I'm referring too. “The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal.” Same questions as above....

How about one example.

 

[Mike Ault]

Lender B finds factual corrections that need to be made in Appraisal. I have a understanding that the original appraiser may not want to make corrections and why..

This is the confusing part. Why wouldn't the original appraiser want to make corrections to factual errors? Have the original lender request them to be corrected, you paid for a "correct" appraisal from them.

 

[Terrel L. Shields]

This is the confusing part. Why wouldn't the original appraiser want to make corrections to factual errors?

Since the original appraiser is not a client of the Lender B, they should not change anything, period. They have zero obligation to Lender B. Lender A could care less about the report since they are no longer involved in the loan.

 

[Legitamate]

A- one "error" maybe they want the appraiser to change the lender name. THAT IS A VIOLATION OF PRIVACY REQUIREMENTS OF THE LENDERS AND USPAP (the appraiser's required regulation). B - They may have different requirements within their own lender guidelines. So, unless a there is an error in the report related to FHA, there is no error. C- the regulation requires the lender B to order a NEW appraisal if they are dissatisfied with the original. They must accept the original as is and cannot demand the appraiser to alter an appraisal created for others.

Now if the report was truly not compliant, why would they order an appraisal from the same guy? That would be stupid. So, they need to order a new appraisal from a new appraiser or accept the existing report 'as is'. That is the regulations. The appraiser would endanger their own license by altering a report for Lender B.

I am the borrower. I asked for a reconsideration from 1st lender I never received a answer after a month, so I retained a new lender and ask for the FHA file to be transferred, and was then told that FHA wanted to do a second appraisal. My new lender has set up the 2nd FHA appraisal, but he seems to the that we can still challenge the first one. I am concerned because it is not my understanding that we can do anything but order a new one, and if FHA 120 day rule applies to this situation It all a moot point. (I would be paying for three appraisals)!

 

[Dublin ohio]

I asked for a reconsideration from 1st lender I never received a answer after a month

What do you mean by "reconsideration". Reconsideration of value?