Hello - we are on SFR #4 in 3 years and our first short sale.
We waived our inspections and the sellers have accepted our offer. We are still waiting for the bank approval with a mortgage commit date of 1\19.
Our mortgage company wants us to do an appraisal.
1. Can the mortgage company REQUIRE you to use their appraisal company? The price they gave us is almost DOUBLE what it should cost.
2. Are we allowed to wait until the bank accepts our offer to complete the appraisal? I would hate to spend that money and then have the deal go south. I know there are costs to play the game but I want to be smart.
Thanks for any and all advice.
You do Not do an appraisal until you have the official Short Sale Approval Letter from the bank.
No, you can not pick your own appraiser, the lender must do it.
@Wayne Brooks thank you for the short and sweet answer!
Keep in mind that non owner occupied appraisal assignments require additional forms and therefore cost more than a typical non complex, owner occ, sfr. You can ask if they work with multiple AMCs and if the fee varies at all, but ultimately the assigned appraiser needs to come from one of their AMCs or in house appraisal desk.
Hillary Gries, Appraiser in Colorado (#CR40028697)
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