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Do you need an appraisal for your mortgage?

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Icon Mini Profile manoj_gopale
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Post Posted: Mon Jun 15, 2009 9:11 am    Post subject:
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why would a lender order a second appraisal?


Whenever there are two appraisals involved most of the time the loan amount is high enough and thus require validation from two different agencies/entities.

So many of the lenders get it done through third party agencies.and if they found any discrepancy in both the report then it may hamper the loan proceedings itself.


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Post Posted: Sat Jul 11, 2009 3:25 am    Post subject:
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No, I do not. we commit for that
Icon Mini Profile gmakerley
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Post Posted: Sat Jul 11, 2009 5:37 am    Post subject:
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sw, you've brought nothing to the table. why not leave it and depart?
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Icon Mini Profile jk9999





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Post Posted: Sat Jul 25, 2009 8:56 pm    Post subject:
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hello ,Mable, i think that is because the lender will only trust the appraisal they ordered rather than from anybody else' .
Icon Mini Profile gmakerley
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Post Posted: Sun Oct 25, 2009 8:58 pm    Post subject:
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jk...not only is your post untimely (4 months late) but the "second appraisal" would have been ordered by the lender who ordered the "first appraisal." second appraisals are not uncommon for odd types of property. we never did get a definitive answer on why the lender requested a second appraisal in this case.
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Icon Mini Profile srinuadipudi





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Post Posted: Mon Jan 11, 2010 10:15 pm    Post subject: PAPA stands for Property Appraiser Public Access.
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PAPA stands for Property Appraiser Public Access. We designed PAPA to make your research quick and easy, and even fun. As your Property Appraiser, I believe you have the right to know how your property is appraised and PAPA is the fastest way to access your property information. PAPA also provides quick links to other government agencies in Palm Beach County, such as taxing authorities, the Tax Collector's Office and the Clerk of Courts.


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Icon Mini Profile gmakerley
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Post Posted: Tue Jan 12, 2010 9:47 am    Post subject:
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are we to assume that PAPA is exclusive to Palm Beach County in Florida? is this a tool for appraisers only, for the general public only, for me and my friends? please elaborate on these questions. your post came out of the blue, srinuadipudi, so we don't know what the overall meaning of it is.

thanks.

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APPRAISER ANSWERS

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Post Posted: Tue Feb 09, 2010 4:24 pm    Post subject: Do not expect to use your own Appraisal for a loan
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In most cases your Appraisal that you get on your own is worthless to the lender. The HVCC that impacts most lenders, forbids that to happen. The lender has to chose the Appraiser or in some cases an AMC, but never, never the borrower or the seller. FIRREA also forbids that as well - the Savings and Loan Bail Out bill from 1989, you know the one that was supposed to prevent a repeatt that we are going through more severely now
Icon Mini Profile gmakerley
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Post Posted: Wed Feb 16, 2011 11:13 am    Post subject:
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"Worthless to the lender" in my opinion extends to all appraisal reports that a borrower (or potential borrower) would obtain.

The report generated must be independent - a borrower who hires his or her own appraiser isn't going to be obtaining an independent report. The borrower is the appraiser's client in that situation, and no lender operating under the law would allow such a thing.

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