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An appraisal gone bad.

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I had an appraisal done on my house last week. I paid out of pocket at the time.  It was an FHA approved appraiser that my realtor CHOSE from a "list" she had.  After the appraisal was submitted to the bank, the bank came back and said the appraiser that was used is no longer approved by them.

Now the realtor wants me to pay for another appraisal.

Is that fair?
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October 08 - US

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Profile picture for jcaf1918
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I guess the question I would have is "Why is your realtor ordering an appraisal?"  That order should come from the mortgage company and they should know in advance whether the appraiser is approved or not.
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October 08
Profile picture for California Mortgage
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Which lenders are the appraiser approved with?  You could try submitting your loan to a lender that will accept that appraisal, if of course, there are any would be takers.  Not a great option for you, but it's better than having to pay for a second appraisal. 

And this might be something the realtor should compensate you for since, like Joe said, they should not be ordering appraisals in the first place without knowing whether or not a particular appraiser is even approved with the lender doing the loan. 

By chance is this Realtor also trying to do your loan?

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October 08
Profile picture for Texas Banker
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HVCC regulations required that appraisal ordered and done in an arms length manor (usually done thru appraisal management companies).

If your realtor has closed a transaction with in the last 6 months should know that.

Your appraiser is trying to pass on the cost of her ignorance to you.

I believe she should be the one to pay, and deduct the cost of the appraisal from her taxes under educational expense.



 

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October 08
Profile picture for California Mortgage
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Texas Banker,

HVCC does not apply to FHA... yet.  But still, this would have been an avoidable issue from the get go had they checked out the appraiser with the lender prior to ordering the appraisal.
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October 08
Profile picture for PaymentChoice
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On FHA loans once the appraisal has been done and attached to that FHA case number it will have to be used. My understanding is that any and all Lenders will have to use it, only after 6 months would you be able to order another appraisal. As far as the Lender not wanting to use it, they may have no other choice. When I've taken over FHA deals from other companies I have no choice but to use the appraisal they had ordered.

The fact that the Realtor ordered the appraisal I find disturbing and very confusing, how can he/she order an FHA appraisal, did they order the FHA case number as well (don't see how this would be possible)?

If the case number was not ordered then the FHA appraisal could not have been completed so it sounds like somebody is either not doing their job or has no idea how to do it.
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October 08
Profile picture for 203K Specialist
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The lender has to use the case number, I have never heard that the lender must use the appraisal. 

Having said that I wouldn't be shocked.  FHA is not like VA-VA assigns the appraiser and a VA appraisal stays with the property.
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October 08
Profile picture for Bob Lowery
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The realtor should not be ordering an appraisal and ths should pay for second appraisal because of her mistake.  They really did overstep their boundaries on this. 

I can't believe she even had the nerve to come back to you and ask you to pay for another one.
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October 08
Profile picture for Texas Banker
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Sean, FHA does not have a floor on score either, it is the investor policies and overlays.

The point we can all agree on is that; there is a conflict of interest, since the realtor involved and directly benefiting from the transaction has ordered the appraisal without regard to code of conduct. Now the realtor wants to buyer to pay for another appraisal that is just not right. 

I speak to my banks policies; have not seen a (noncompliant) appraisal reassigned unless it is an HUD foreclosure, going FHA.

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October 08
 

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