Transferring an appraisal from one lender to other

[Yael Maroko]

Hi,

I started a loan process with a certain lender (private company, not a broker), they did the appraisal (which I paid for of course), at some point I decided we were not the right fit for me and I decided not to proceed with them.

I understand its common practice to ask them to send the appraisal to the new lender be email (that's what the my new lender asked me to do - I have the appraisal, but he needs to get it from them)

I asked that from the former lender, but its been a few days and they did not send it yet.

Any advice on how to expedite it? Or I should just wait a few more days, send them a few more emails about it and hope someone will bother..

Thanks

[Clayton Silva]

Oh boy, I know this all too well.  A lot of lenders will delay it on purpose since they know it means they are losing the deal and there is no real incentive to send it over.  They are however required to (if you paid upfront for it) as you legally own the rights to it.  Now if the lender paid the fee, the own the document and can avoid sending it until you pay them for it or your new lender pays them for it.

If it is an FHA or VA loan it is a bit of a different process.

The biggest question I would have, is did the private lender order the appraisal through and AMC that is recognized by your new lender? If not, it is a moot point and you are going to have to order a whole new on regardless.

All that to say, I usually recommend a strongly worded call or email to the broker of record for the original lending company and some kind of pressure to get them to move on the transfer.