Home Appraisal

What is the name of your state? Michigan

I recently had an appraisal on my home so I could refinance with cash out. The broker I am working with set up an appraisal. We paid the appraiser directly the day she came to our home. The broker is now telling us the appraisal belongs to them and we can not use it for any other financing needs. Is this correct? Their closing fees are huge and I want to use another lender. Please advise.

[HomeGuru]

Originally posted by Oesterjm
What is the name of your state? Michigan

I recently had an appraisal on my home so I could refinance with cash out. The broker I am working with set up an appraisal. We paid the appraiser directly the day she came to our home. The broker is now telling us the appraisal belongs to them and we can not use it for any other financing needs. Is this correct? Their closing fees are huge and I want to use another lender. Please advise.

**A: the appraisal belongs to you and you should request in writing for a copy pursuant to Federal law. When you identify your new lender, if they accept the appraisal, you can request that the current lender assign the appraisal to the new lender or that the appraiser issue the appraisal reports in the name of the new lender.