Posted by a12vman on May 24, 2007 at 12:03:49:
I used to be able to pick my appraiser at one time, but that is long since gone. The broker I am using now does a round-robin across 5 appraisers to keep a level playing field.
Previous posters have it right. We are getting to the point where a certified appraisal doesn’t have the power that it used to, let me give you an example:
Bought a 3BR SFH for $45k , did some moderate rehab for 6 months, and went to my broker for an 80% LTV cash out re-fi. Appraisal came back at $105k, great news. The next day my broker calls me & says that the appraisal just came back from their “internal review process” & that they were dropping the loan amount from $84k to 60k. Note that they didn’t lower the LTV percentage they just decided they didn’t want to lend that much even after their selected appraiser ran the numbers. It was pretty much “take it or leave it”.