Profile picture for crucialhomefinder

Is a buyer allowed to talk to the appraise?

My Mortgage company sent me the appraisal and included this in their email.
"This appraisal is being forwarded to you in compliance with the Equal Credit Opportunity Act, Truth in Lending Act and other requirements as published by Fannie Mae, Freddie Mac and HUD. The appraisal was completed for mortgage purposes only and should not be relied upon by any other person ore entity. We do not make any representation or warranty of any kind, and we expressly disclaim any liability to any person or entity with respect to the appraisal.
In addition, please be advised that an appraiser must follow certain professional appraisal standards and is not allowed to discuss the appraisal with you."

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I am paid for the appraisal and I am not allowed to ask the appraisal company any questions? If this is true, please explain.
A red flag went up when I saw this "buyers and sellers are allowed to talk to the appraiser." 
I was doing research on appraisals and found this: "How to challenge that low appraisal"
http://library.hsh.com/articles/first-time-homebuyers/how-to-challenge-that-low-appraisal.html
  • December 01 2012 - Akron
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Answers (5)

Best Answer

Profile picture for sunnyview
The buyer pays for the cost so that the seller is not the one paying for the appraisal of value. The same thing for inspections. The appraiser works to protect the interests of the bank issuing the mortgage, but it is also in the best interest of the buyer to make sure the house is worth what they are agreeing to pay.

There are cases where the selling agent will suggest comps to the appraiser to look at, but s amrt appraiser will take anything like that with a handful of salt. You can ask to be at the property when the appraiser is there and see what they say or if you want or you can ask your buyer's agent what your options are for making sure you get a good appraisal.
  • December 02 2012
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Profile picture for crucialhomefinder
Thank you for your answers, not what i was expectig. It still does not seem right. That you pay for a service and that you can not ask questions.

If that is the case why is the buyer responsible for the cost?
  • December 02 2012
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Profile picture for Ofe Polack
Your buyer agent should be able to explain this to you.  You can challenge the appraisal through your lender, they are the ones who order the appraisal, but neither you nor your lender can talk with the appraiser directly.
  • December 01 2012
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To my knowledge the appraiser is independent of the home buyer and seller. This makes sense because they could be subject to pressure from either . A low appraisal is sometimes challenged by the Realtors, and often a second appraisal can be ordered.The  best way to avoid issues is to have a really good CMA so that there are no questions. In a declining market it's not easy to anticipate the value.
  • December 01 2012
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With our company all appraisal questions must go through our underwriter. Buyers are not permitted to talk with the appraiser. If you are not happy with the value you can do your own research and submit through the lender. Have your  realtor help you!!!
  • December 01 2012
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