Bank Refused my Appraisal- Can they do that? - Posted by Alexander Manuel

Posted by paul raymond on February 12, 2006 at 14:46:33:

we had three appraisals done one with h&r block mortgage,they needed to know if our payments were up to date,they were the bank refused to send that info to them,we was told by h&r block that we had no problem with the loan,but after three months of hearing no problem they turned us down,we never payed our house payments because of what was said,the bank then gave us a line of credit,and payed the three month we wre behind,but would not loan any more from our equity, but they said that there appraisal was 32,000.00, it has been that way for ten years our new appraisal was 63,000.00 and they won’t except that,so we went to four more lending companys,and had two more appraisals done, and they were the same as our first,now they have forclosed on us,and we have 30 days to leave,we are losing 43,000.00 in equity in the house what can we do we do not have the money for a lawyer,we waited to see if we could get throu are problem be fore we tryed for a loan, i guess what we should have done was borrowed when i was working and not when i was layed off and needed the money

Bank Refused my Appraisal- Can they do that? - Posted by Alexander Manuel

Posted by Alexander Manuel on August 19, 2003 at 15:28:50:

Obviously they did (refuse my appraisal)… but I guess my real question is “Can I force them to accept my appraisal?”

I’m trying to remove PMI and had an appraisal done last month when I planned to refinance. My broker couldn’t lock in time so I’m left with an appraisal that could at least serve to remove my PMI (or so I thought). The bank rep complained that it has to be one of their own appraisers, and that Freddie Mac could audit them…blah blah blah! I asked the rep to provide me with the law, guideline or ANYTHING in writing that proves I MUST use their appraiser- she couldn’t find anything in writing.

Before I start making a big fuss over trying to save $300 and another 3 weeks, do any of you have words of wisdom to share?

Thanks,

Alexander Manuel

p.s. I’m also posting this in the Main forum in case you’d like to follow my dilemma.

Re: Bank Refused my Appraisal- Can they do that? - Posted by Alexander Manuel

Posted by Alexander Manuel on August 22, 2003 at 21:23:11:

Hi Everyone…thanks for the feedback.

Just wanted to share what finally happened with this problem. Turns out that I don’t need to pay for a new appraisal after all, but rather simply obtain a BPO (Broker’s Professional Opinion) for less than half the cost.

I still feel like I’m getting stiffed since my appraisal is completely independent and unbiased in any way…but what the hell.

Thanks again for the feedback,

Alexander Mannuel

Re: Bank Refused my Appraisal- Can they do that? - Posted by Edyta

Posted by Edyta on August 19, 2003 at 22:27:28:

Alexander,
Many banks have their own list of approved appraisers and they can request that you use one of them. You will not accomplish much by making a big fuss - as they say you will catch more flies with honey than with vinegar… What I would suggest is that you speak to the branch manager and plead your case. The manager has much more flexibility than a clerk. Ask him/her if he would be willing to take a look at the appraisal and advise you if the appraisal meets their guidelines and if does not, what changes do the appraiser need to make. As long as the appraisal meets the guidelines it should not be a problem. They can add any appraiser they want on their list if the appraiser does a good and honest work. You may have to pay the appraiser $50 extra but if the bank would sign off on it is worth it.

Good luck to you.

Re: Bank Refused my Appraisal- Can they do that? - Posted by Charles

Posted by Charles on August 19, 2003 at 21:43:25:

Success is a poor teacher. So chalk it up to a great learning experience. Yes the lender can do what ever they want. “He who has the gold makes the rules!”