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Mortgage Apppraisals

I was involved in a real estate deal that went south. My broker ordered thhe apprasial and I paid for and receieved a copy. He recently called me and asked me for a copy of it for a new deal he was working on the same property for his information only. Now I found out he is useing it tto complete the deal for another customer. is this legal? Do I have any recourse?
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December 06 2013 - Summit Park
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Answers (5)

Transferred appraisal are acceptable for some lenders for conventional loans if all requirements are met.  Namely there would need to be an accompanied by a transfer letter from the original lender.  All things being equal, if your appraisal was assigned and subsquently used for another persons closed transaction, I think it's fair for you to ask for reimbursment for the cost of that appraisal.  As for recourse, I don't believe you have any per se but you get get what you don't ask for.  Good luck!
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January 23
They cannot use your appraisal for the new buyer.  They can use the same appraiser and he will have to put the appraisal in the name of the new buyer. 
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December 07 2013
An FHA appraisal is on the property and is valid for 120 days. It can be transfered by one lender to another, and FHA will intercede if lender fails to cooperate.  In fact the new lender can't order a new appraisal on that property with in the 120 validity period. A conventional loan has no such requirements, and in fact the majority of lender's will not allow an appraisal to transfered. Unfortunately you would not have any recourse for being reimbursed for the appraisal, unless you had a written agreement that lender or seller would reimburse you. That would virtually never happen............
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December 07 2013
Now I found out he is useing it tto complete the deal for another customer. is this legal? Do I have any recourse?

He MAY use the same appraiser, but all appraisals are technically good for only one day. The appraiser would have to redo it, at least, with the new borrowers information. Also sounds like he used your copy maybe to contact the appraiser.

We send appraisals usually in a format only appraisers use, and mortgage brokers would not have access to it. The appraiser, if the same one, would charge a fee to 'redo' the appraisal, and sometimes its as much as what you paid.

As mentioned by Dave, yes, contact the appraiser and find out if it re-did it in another persons name, if its a concern to you. But any recourse ? Probably not...


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December 06 2013
very unlikley that the appraisal  can be reused  for another transaction ....contact appraiser and ask if they have been asked to change the name of the purchaser and  also if they have - did they charge another appraisal fee

you can always ask someone toreimburse you for the cost of the appraisal if its been  used
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December 06 2013
 
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