Investor · Wichita, KS · Member since 2012 · 2 posts · 0 votes
I am refinancing a foreclosure I just bought as my personal property. The lender is getting an appraisal done on the property and of course passes that cost along to me.
Once the appraisal gets back to the lender am I able to see that appraisal? Is it up to the lender's discretion?
Turns out the company doing the appraisal is the same one that did it for the bank that sold it as a foreclosure. I was told due to regulations only the client is able to know the appraisal.
Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
13y
I would think that since you are paying for it, you should get to see the appraisal, at least that's how it has worked for me for both purchases and refinancing. Maybe it is different in different states or due to the foreclosure, but I doubt it. What does your lender say?
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Due to the regulations, the one who pays for it is not only entitled to know, but also a copy. They can black out the address of comps for privacy issues. Appraisers hate this, hold thier feet to the fire. Sounds like the lender is playing along claiming they are the client sence they order it, they are, but you paid for it. :)
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
13y
There is usually a form in your loan docs that states you either waive your right to view your appraisal or you want a copy delivered to you. I've also seen it where you just sign a form saying you understand you will receive a copy only if you notify them in writing within x days of closing or x days of notification that it's delivered to lender. Our lenders usually just e-mail it to us as soon as they get it. Withholding it from you is strange.