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.