Commercial Appraiser Options

[Grant R.]

Good afternoon!  I'm working with a lender on a large multi-use property in Indiana (20 units and some other businesses on site).  It's unique  --  isn't it all? :)  --  and we are told will require a special appraisal.  Obviously in residential home space, appraisers are drowning right now.  But the commercial space seems flat in our region.  We've been quoted a long timeline for appraisal, which could put the deal at risk in various ways.

The bank is pitching this one appraiser (we don't know what the banks list of approved appraisers looks like).  What options do have?  Can we contact some other appraisers and introduce them to the lender?  Is there a way to grease the wheels when this one single party is holding up the process for more than a month?

Thoughts welcome.

[Kevin K.]

You may be able to pay additional money to expedite the appraisal. The bank is using that appraiser due to them already being on their approved list and knowledge of the market, assignment, etc..

You can’t introduce a appraiser for the bank to use. The appraisal needs to be ordered by the bank with the bank as the intended user of the report. There are rare cases a bank may accept an appraisal from another lender for the subject property. But it’s usually an exception in their credit policy and not recommend.