Appraisal Ownership?

[MD_Home_Buyer]

What is the name of your state?What is the name of your state? Maryland

Hi, I am trying to close on my new house in Maryland and have a NC based mortgage company and a Md based mortgage company trying to get my underwriting approved. They have no problem with my personal approval - but are both having problems with the house price due to the rapidly rising Md home market.

I paid for mortgage company 1 to get a new appraisal which I received a copy of and, after sending it to mortgage company 2 - it looks like I can get approved by mortgage company 2 if the appraisal were made out to them instead of mortgage company 1.

Can the appraiser legally refuse to send a new copy to mortgage company 2 or can mortgage company 1 refrain from forwarding it? The appraiser and mortgage company 1 both know I am very anxious to close...any timely advice would be greatly appreciated. Thanks, MD_Home_Buyer

[HomeGuru]

Originally Posted by MD_Home_Buyer

What is the name of your state?What is the name of your state? Maryland

Hi, I am trying to close on my new house in Maryland and have a NC based mortgage company and a Md based mortgage company trying to get my underwriting approved. They have no problem with my personal approval - but are both having problems with the house price due to the rapidly rising Md home market.

I paid for mortgage company 1 to get a new appraisal which I received a copy of and, after sending it to mortgage company 2 - it looks like I can get approved by mortgage company 2 if the appraisal were made out to them instead of mortgage company 1.

Can the appraiser legally refuse to send a new copy to mortgage company 2 or can mortgage company 1 refrain from forwarding it? The appraiser and mortgage company 1 both know I am very anxious to close...any timely advice would be greatly appreciated. Thanks, MD_Home_Buyer

**A: fax a letter requesting the appraiser send the appraisal report to the mortgage company #2 and you will pay for associated fees. Copy the mortgage company. Mortgage company #2 should already know the procedure.

[FloridaRob]

Originally Posted by HomeGuru

**A: fax a letter requesting the appraiser send the appraisal report to the mortgage company #2 and you will pay for associated fees. Copy the mortgage company. Mortgage company #2 should already know the procedure.

Not true. Cant do it. Laws changed for appraisers Jan 1, 2004. An appraiser can not even discuss the previous appraisal with the new mortgage company even if the new mortgage company has a copy of the appraisal in their possession. And if all parties involved give the appraiser permission to discuss this report with the new lender, he still can't.

Borrower has to either get a new appraisal or an update. Even if the appraisal is one day old, a new appraisal or an update are his only options. My suggestion is to call the original appraiser, tell him that he just appraised the property and ask him if he will give you a price break on the new report. chances are he will. But then again, he may not.

A copy of an old appraisal even one day old can not be reasigned to a new lender.