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Does a buyer have the right to see the appraisal done on a Short Sale property?.

I asked to see the appraisal done by the selling bank, and my realtor said I was not allowed to see it (for bank's information only).  That seems pretty "shady" to me...

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May 25 2013 - Yuma
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Answers (11)

By law the person paying for the appraisal is the owner of that appraisal.
I know it seems strange but that is how it works.  If you are buying the home, your mortgage company will want a current appraisal and you will
have to pay for it.  By law the mortgage company you use will give you a
copy and then the info is yours to do with as you wish. That information
will then be kept confidential by your mortgage company, by the appraisor and your realtor.  
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September 26 2013
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We are looking for either a home equity loan or a home equity line of credit (HELOC).  To get one, our credit union required a current appraisal, for which I paid handsomely.  I paid the credit union who then ordered the appraisal.  I spoke to the appraiser today (3 days after the appraisal was performed) and he said the appraisal was complete and had been sent to the credit union about 3 hours ago.  I asked what the appraised value was and he said he could not tell me.  I called the credit union and the lady said she had not seen it, that it was likely being reviewed or something to that effect.  What I am steaming mad about is that it is my house; I ordered the appraisal, and they can't tell ME what it appraised for?  Some law somewhere needs to be changed, either that or I was misinformed.  Either way, I am hot and livid.  If someone can tell me the legal basis for this hogwash I'd appreciate it as I plan to write my congressmen and anyone else who can do something about this absurdity.
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September 26 2013
Prices are changing here in Oregon.  If a house had an appraisal done 4 months ago it is probably wrong and going up. So if yoiu looked at an old appraisal it really does not make any difference about the value when home prices are going up here in Portland, 1% a month. Many lenders are countering properties with old appraisals.  I have had 3 in the past 6 months that the banks countered $50,000 higher on the short sale offer price that went to the bank and the buyers walked and the banks are still waiting for their new higher price.  Tom Inglesby, Broker
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May 28 2013
What you are asking about is the broker's price opinion and most of the time the listing agent, seller, buyers agent, and buyer are not privy to this information.  If you have an appraisal done on the home, the appraiser is obligated to provide you a copy of this.
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May 28 2013
While it is true that only the party who has paid for an appraisal has the right to see it, it is important to remember that given the conditions of the current market it is always a good ides to get your own appraisal. Prices are changing very fast. An appraisal that was ordered two months ago does not include the most recent closing in the area of the home being appraised. In my area, home prices have shifted 5-10 percent just over the last 60 days! This type of up to date information is extremely important not only when formulating an offer, but also in identify value in a property. Sometimes a seller (like a bank) will order an appraisal and rely on the information on it months later- not realizing that a 5% change in a $200k house means $10k. This is great for a buyer.  Always order your own appraisal. This will not only provide you with the recent information, but will also provide you with access to the person performing the appraisal in order to asks questions and better understand the process.
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May 26 2013
Its for the selling banks information, not yours. Keep in mind, appraisals may vary quite a bit for short sales, especially in this market.

But given this chart, it looks like you a buying at a good time = looks like values are positioned to take off....
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May 25 2013
I agree with your REALTOR, as well as most of the other responses as well....the short sale lender is not required to send you a copy of the appraisal.  There is one exception though that may allow you to receive a copy.  If it was an FHA appraisal (not a BPO--Broker Price Opinion) done on an FHA loan, and you are obtaining FHA financing.  I believe the appraisal is valid for 120 days.  So if you are obtaining FHA financing on the short sale, you will utilize that appraisal.  Which will save you about $450.00.  So it may be something you should discuss with your REALTOR.  Good Luck!
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May 25 2013
The appraisal belongs to whoever pays for it.
If the bank paid for it, then you are not allowed to see the document, if your lender orders one, then you pay for it and have the right to see it.
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May 25 2013
They paid for it, not you. You can get your own appraisal and not show it to them. How's that for fair play?
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May 25 2013
Your realtor is correct. The seller's bank has paid for it for their own purposes in determining the current value of the home. You will have the opportunity to purchase your own appraisal once the short sale is approved. Even if you are purchasing cash and don't require an appraisal, you are still able to order one for your own purposes as well. 
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May 25 2013
Hi.. Usually the buyer does get a copy of the appraisal( if you paid for it) in fact usually the lender will either send a copy via Fed ex, or they will email you the results. Are you sure this was the appraisal or the BPO? the BPO (brokers price opinion) is for the bank to know the value of the home, therefore that would be for the bank, but if this is the actual appraisal that seems really odd to me since you paid for it!
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May 25 2013
 
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