Pls see follow up re: appraisal. Thank you!

Profile picture for Salem Customer
The lender's representative advised me that the lender will do its own evaluation of the appraiser's opinion. What happens if the lender doesn't agree with the appraiser's opinion?

Also, the appraisal is for re-financing purposes. The loan amount is significantly less than the appraisal amount (less than a third). Is there any harm in letting the appraisal amount stand?

Thanks again,
Salem Customer
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July 18 2009 - Salem
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Profile picture for real estate mike
They might also have another appraisal done. At 1/3 amount I agree with M.D. no worries.
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July 18 2009
Profile picture for BrokerPro
Lender review of an appraisal is a long-standing practice that has become more common over the past 6 months.

Some loans are being turned down after such reviews -- how many, I cannot say.

If the loan amount is less than one third of your assumed value, you probably will be OK.
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July 18 2009
 

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