- Can I use an appraisal from another bank?
- Can you challenge a home appraisal?
- Do lenders and appraisers work together?
- Can you switch lenders while under contract?
- Does locking a rate commit you to a lender?
- Why would a lender order a second appraisal?
- Can I change lenders after appraisal?
- Can a lender request a second appraisal?
- Can I use the same appraisal for multiple lenders?
- Can you sue an appraiser for a bad appraisal?
- How long does a second appraisal take?
Can I use an appraisal from another bank?
Answer: A regulated institution may accept an appraisal transferred from another regulated institution or from a financial services institution (that is, a non-regulated institution), provided 1) the appraiser is engaged directly by the institution transferring the appraisal, 2) the appraiser has no direct or indirect ….
Can you challenge a home appraisal?
You can only challenge the paperwork if you know what information the appraiser used. While sellers won’t have access to the appraisal, the individual who pays for the appraisal – – typically the buyer in a purchase or refinance – – is the one who can request a copy of the appraisal and review it.
Do lenders and appraisers work together?
Lenders Engaging Appraisers Attract and retain the best appraisers, and then take the quality of the work they do even higher through mutual dialogue. If lenders do not know where to start, recognizing appraisers for good quality work and conducting a survey of your appraisal panel are ideal places.
Can you switch lenders while under contract?
No — unless you’ve signed a contract with the lender that states you can’t switch lenders. But such a stipulation is uncommon, real estate experts say. … “Most contracts do specify that buyers have a specific time period within which they have to get financing and perform.”
Does locking a rate commit you to a lender?
If you accept the lock, you and the lender are both committed, regardless of changes in interest rates in the period until closing. Option 2: A 45-day float-down at 6.25% and 1.5 points. If you accept the float-down, the rate can’t go up with a rise in market rates, but it can go down if the market rate declines.
Why would a lender order a second appraisal?
Reasons for a Second Appraisal If it’s been three to six months since the first appraisal, the lender is highly likely to order a second appraisal to compare it with the previous one. … A seller might not like the appraisal value, believing their property is worth more and wants to prove it.
Can I change lenders after appraisal?
Appraisals are not generally portable; that is, one appraisal can typically only be used by one lender. … “In cases where a Borrower has switched Mortgagees,” says HUD, “the first Mortgagee must, at the Borrower’s request, transfer the appraisal to the second Mortgagee within five business days.”
Can a lender request a second appraisal?
The lender/client requires a second appraisal per a bona fide policy or process. Lenders are required to order a second appraisal for a pre-established bona fide pre- or post-funding appraisal review or quality control processes and/or underwriting guidelines that dictates it’s acceptable and/or required.
Can I use the same appraisal for multiple lenders?
With few exceptions, you can’t use the same appraisal at different banks because each lender uses its preferred appraiser or appraisal firm.
Can you sue an appraiser for a bad appraisal?
The lender won’t sue if the appraisal is too low, or because the property has a pre-existing condition. The lender will sue only if there’s a foreclosure, and those don’t happen as much now as they did a few years ago. … If the appraisal comes in too low, the seller might sue because the low appraisal stymied the deal.
How long does a second appraisal take?
The appraisal report could come back in about a week but may take at least 10 days. Know the appraiser may need to call around, check for permits, and verify certain information for the report.