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

import · August 19, 2003, 3:32pm

Posted by Brent_IL on August 19, 2003 at 20:13:36:

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import · August 19, 2003, 3:32pm

Posted by Alexander Manuel on August 19, 2003 at 15:32:15:

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 refi. My broker couldn’t lock me in on 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 Finance forum in case you’d like to follow other responses to my dilemma.

import · August 20, 2003, 12:43am

Yep, they can. - Posted by dianna

Posted by dianna on August 20, 2003 at 24:43:53:

Read the fine print. Some banks have “special provisions” for removing PMI. And, remember everything’s negotiable. I just went through this w/my lender. They said it needed to be at least 24 mos old, but I said they only required 20% equity. They said, 20% AND 24 months, but that wasn’t in writing. SO I WON…whoo hooo…

Good luck.

dianna

import · August 19, 2003, 8:32pm

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

Posted by Bartholemew on August 19, 2003 at 20:32:12:

Ask the bank for a list of approved appraisers and use one from the list.

import · August 19, 2003, 3:37pm

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

Posted by Tom PA on August 19, 2003 at 15:37:25:

If someone were asking me to reduce the amount that they were paying based on an appraisal then I would definitely want it to be someone that I hire doing the appraisal.
It makes sense to me even though I don’t like it. I would love to be able to give a bank an appraisal without them running one of their own. Kind of be able to write my own ticket or, in this case, write my own check.