Would You Bill The Lender Or "eat It"?

[Tim Hicks (Texas)]

Exactly, Ron. Why did you call the lender and let them cancel? Was it part of the scope of work? The owner occupancy is just a check box on the appraisal. They would have been notified when they read the appraisal.

 

[Ron Little]

Good point.

 

[Phil Mannell]

Thanks Randy,

I would have completed the report without calling the lender, since this is of no never mind to you, doesn't affect value, and has no bearing on the appraiser's ability to tell his story. Then I would have gotten my money.

I couldn't work out what relevance owner occupancy would have in a triplex / octoplex (Ross :rainfro: )

 

[George Hatch]

Phillip,

The mortgage programs are different for owner-occupied residential as opposed to investment residential. Different qualification requirements, different loan-to-value ratios, different interest rates. Getting the favorable financing can mean the difference between qualifying and not qualifying. This is why our borrower sometimes lie to us about occupancy.

 

[Ray Miller]

Get this some times from the LO. Let us know if the owner dose not live there. I just figured it fell under scope of work. I don't care one way or the other if they then cancel that order. I have got my CAD.