Pay For Second Appraisal?

[Mike Ault]

Never said evil, its just easier for them to nod their head and say the appraiser must of done something wrong if it didn't come in at the sales price.

I've had them do the same thing to me for coming in "at the sales price", to their eternal shame, because some of my comparables had adjustments or proximities which exceeded an arbitrary threshold in their overlay.

 

[Tim Hicks (Texas)]

It would have been easier to pay for a second appraisal than ask for opinions on this forum. Appraiser cannot change anything for lender B. Have lender A have the appraiser address any changes if needed.

 

[jay trotta]

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.

Additionally, it's FHA which requires a new FHA# when it goes to a new lender, therefore, New Lender-New Report.

 

[Zoe]

It would have been easier to pay for a second appraisal than ask for opinions on this forum. Appraiser cannot change anything for lender B. Have lender A have the appraiser address any changes if needed.

FHA (a/k/a HUD ) are in the picture.

They are client with appraiser A.

 

[Zoe]

Yeah, if you want lender B. Just do lender B but appraiser A is not involved in your choice. You can tell lender B I don't want appraiser A.

You can tell FHA same thing.

 

[Zoe]

Look up privity.

Very important legal term

 

[Zoe]

For your reference on privity:

privity definition - Bing

Intelligent search from Bing makes it easier to quickly find what you’re looking for and rewards you.

www.bing.com

 

[Zoe]

Bad reference. Here you go:

Definition of PRIVITY

a relationship between persons who successively have a legal interest in the same right or property; an interest in a transaction, contract, or legal action to which one is not a party arising out of a relationship to one of the parties… See the full definition

www.merriam-webster.com

 

[Zoe]

I know more than you think. If I don't know, I tell you I don't know.

 

[Cob]

Just from reding the posts on here, here's my opinion as to what happened, Appraiser completes FHA appraisal, borrower doesn't like opinion of value and wants it higher, borrower goes to Lender B, Lender B says, well, we can't order a new appraisal based on the fact that you don't like the opinion of value, so we'll say we want a new appraisal because we think the report has defiecncies, good for them.

Now instead of the borrower coughing up the fee for another appraiser to perform a NEW appraisal on the property for Lender B, they are trying to claim the orginal appraisal has defiecncies, and get the original appraiser to "correct: them. If you notice, the O.P. didn't start the first post by stating the they asked for a ROV.