Posted by Nate(DC) on February 05, 2002 at 13:03:47:
See my answer to Jose just above your post as well.
No, you don’t get to designate the appraiser, and yes, the bank does, and they have to use his conclusions, not yours. If you think the appraiser made a factual error (i.e. you can show comps that support a higher value, which the appraiser missed, or did not use), you can go back to them and/or the bank, and request that the appraisal be revised. If you simply have a different opinion without data to back it up, then sorry, you’ll have a hard time getting any bank to lend on your own concept of value. Most owners think their property is worth more than it really is, that’s why the banks have appraisers, to be a reality check. Back in the 1980s the borrower could order their own appraisal and we had a little problem called the S&L scandal…that’s why it’s not done anymore.
Hi, I am planning to get the appraisal done on my own home and find the bank/mortgage banker who accepts the appraisal for the second mortgage. Does this work?? Do banks normally only accepts the appraisal they order from the appraisers contracted to the banks? I am tired of applying for a loan to the bank who only does “home valuation” and tells me my house is not worth as much as I claim it to be… Also, how can I find a good appraisar? Any suggestions appreciated. Thanks,
Re: Appraisal and second mortgage - Posted by dewCO`
Posted by dewCO` on February 06, 2002 at 11:54:52:
Most 2nds now don’t do actualy full blown appraisals. And most tax valations lag the actual market value. So you are correct there is a gap there. Maybe you should ask if the will do a full blown appraisal, of course you’ll get to pay for it up front, and Nate is correct, you don’t get to pick the appraiser. It is the bank’s money after all–they gat to control the terms on which they will lend, whether you are sick of how they act or not. Also, maybe your home isn’t worth what you think it is. there is something called over improvement for the your neighborhood. That extra doesn’t increase your value.