a company appraised my house 2-3 weeks ago. i still haven’t recieved any documents from them. i called them, and they don’t wanna give it to me. i payed them 600 bucks. is this normal?
Did you order the appraisal directly from the appraiser or through a bank/broker?
broker. 
i keep asking the broker how much is the house appraised for. he doesn’t give me a straight answer. he says they are still talking about it with the appraiser about it to have a final number.
If the appraisal was ordered by the broker then it is in their name.
keep asking the broker how much is the house appraised for. he doesn't give me a straight answer. he says they are still talking about it with the appraiser about it to have a final number.
:banghead: Some brokers amaze me.
Depending on the LTV of your loan scenario, He/she is probably trying to get a higher value.
This is fine, but they should communicate that to you. After all you are the client.
yeah he said they are trying to get a higher number.
but i called the appraisal company to send me a copy at least, and they didnt want to.
am i ever gonna get any docs on this appraisal?
what if i dont wanna do business with the broker? are they gonna give me back my money?
yeah he said they are trying to get a higher number. but i called the appraisal company to send me a copy at least, and they didnt want to
The appraisal is not “done” until they put the final value on it. So they are still messing around with it.
am i ever gonna get any docs on this appraisal?
If the broker has sent you your RESPA’s with all of the compliance notices, there is a section that entitles you to a copy of your appraisal. It requires that you submit a request in writing, blah, blah, blah.
what if i dont wanna do business with the broker? are they gonna give me back my money?
Hopefully, you did not pay any upfront fees to the broker. Then you can walk away. Unfortunately, you will NOT get your money back on the appraisal. Services were rendered even if they are not satisfactory. :-\
Here’s a tip for you: ALWAYS control your appraisal. If I’m looking for a $300K appraisal, when the appraiser shows up I show him my list of Comps, complete with sale date, yr built, price per sq. ft, and sale price. I tell him I need an appraisal at or above $300K and if he doesn’t feel he can do that, forget it. I’m not going to shell out $350 upfront to some joker who comes in at $275K. Shop around and you’ll find what you need.
Da Wiz
“Hopefully, you did not pay any upfront fees to the broker. Then you can walk away. Unfortunately, you will NOT get your money back on the appraisal.”
i payed it to the appraisal guy, not to the broker.
thanks for all the great advice. you guys have been very helpful.
That may work if you are using traditional finanincg but not if you are using Hard Money. Hard Money lenders want to know exactly what the property is when it comes time to sell. Not what it needs to appraise for to make the"deal" work. They do this to protect both you and themselves. Noone whats surprises when it comes time to sell the property.
Remember: You make money in REI when you BUY not when you sell!
Good luck!
Rob
DHLC,
That’s why I use complete comps and provide them to the appraiser. I want exact figures, not his best guess.
Da Wiz
If you are using “complete comps” and so is the Appraiser, then I can’t see a time when your estimated value would differ from theirs. You both are using the same data. However a competent Appraiser and lender will review you comps but they will NOT base their appraisal solely on those comps you have provided, anymore than you would buy a house based solely upon the comps provided by the seller.
Rob
Woah…hold everything here for just a sec please, folks…this fella paid the appraiser at the door for an appraisal. The appraisal was performed. It’s been three weeks. This gentleman is entitled a copy of what he purchased. It’s as simple as that. How could anyone say that this data belongs to the broker (especially for a deal that isnt even done yet?) Whether or not the appraised value will or will not substantiate any loan with any lender is completey impertinent. Oh, and by the way, what I’d be willing to bet is going on here is they know theres a listing similar to your property type about to sell, and they need it to sell at its’ listed or asking price in order to get one more comp to fatten your value and get the deal done. I’ve seen that before from time to time. Make the players in this game aware you are NOT a pawn, but the KING. Demand an immediate copy of any work completed to date, as you are the paying customer. If they really need their cage rattled, mention the department of consumer affairs in the state where you are.
In Texas, whomever order’s the appraisal owns it, regarless of who pays for it. I won’t debate the merits but it is the current law.
Woah DH, now thats a bummer! Thanks for the update! I was not aware that the issue was regulated on a state by state basis. Well, I guess we need to know the gentleman’s state statute then!
new york
In Texas, whomever order's the appraisal owns it, regarless of who pays for it. I won't debate the merits but it is the current law.
The broker/lender orders it through the appraiser. The client pays for it at the door. Now, the lender/broker receives the appraisal (hopefully in a timely manner). However, the appraisal is going to be in the name of whomever ordered it (broker/lender). You as the client would not be able to use this with another broker/lender, unless the appraiser agrees to change the Lender/broker name.
thanks for clearing it up.
so how can i find out if this is also the case in new york?
Try calling a NY appraiser and asking him.
Da Wiz
FYI in MA and NH when its ordered, it (the appraisal) is the possession of the borrower but it is certified under a lender’s (requester’s) name, and the lender also gets a copy. If the borrower decides to cancel their loan and go with another lender after the appraisal has been completed and paid for, the original lender would have to sign an appraisal waiver to the new lender, (almost ALWAYS at a fee), which is why loan reps try to get their applicants to pay the appraisal immediately, up front, as a sort of “commitment”, because lenders simply dont sign these waivers. Loan reps maintain that if the borrower cancels their loan request and goes to another lender, well than they can pay another $300 or so dollars to have a completely new lender-specific approved appraisal!