Pay For Second Appraisal?

[Zoe]

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....

I agree. Appraiser A will still likely be best appraiser to use for lender B. You can interact with Appraiser A more if lender B orders new appraisal.

You can say I noticed this error in your previous appraisal. You can tell lender B the same thing.

 

[Zoe]

The transfer of prior appraisal to lender B from lender A is between Lender A and lender B. Appraiser A is not involved in that. FHA is. Lender A is. Lender B is.

You have a good grasp of things.

 

[Tom D]

when you get another appraiser, i would ask them how far they are coming to get to your house. you want a local appraiser if there are any.
why would appraiser A be better the 2nd time around, if he couldn't do it right the 1st time. i guess you could hold the errors over their head for a corrected appraisal the 2nd time. but you should get a discounted price.

 

[ucbruin]

What is "local"....
Terrel is probably not local to many of his assignments....

 

[Zoe]

I agree with all these comments pretty much.

FHA might be your best buddy in this. If you shared with FHA (aka HUD) the things you shared here, they might give you unbiased opinion of your next best option.

FHA (aka HUD) has a vested interest in you and your property.

 

[Elliott]

Legitimate said....."He neglected to measure half of a room...."

Would this be a second story room with a ceiling slope? Might be the appraiser was using ANSI standard and he measured it correctly according to ANSI.

 

[Terrel L. Shields]

We don't know what we don't know and it is difficult for a borrower to understand the regulations we work under. Heck, it's difficult for us to understand the regulations we work under. USPAP is a misnomer. There is no 'uniform' anything in this business. Every lender has their own unique peccadillos.

 

[Tom D]

when we did index card appraisal, we were experts.
now with the internet, everone is an expert.
too much info, but no expertise. but now a self fullfiled expert.

 

[shrubberyvaluation]

May not be the correct word, but if the factual deficiencies (He neglected to measure half of a room, comps over a year old when there were comps more recent and closer) are cured it would be a change in value.

for FHA 3 comps have to be within a year.

 

[Zoe]

for FHA 3 comps have to be within a year.

I would not swear to that. There are deeper issues here.

This woman or man needs to talk to FHA. Let me get a link:

Let me find their State contact info.