When can i get appraisal report?

Guest 0.10 Dollars($)

I paid my broker $350 for the appraisal report for my home purchase. I need a copy of the report but he is saying he will be providing it at the time of closing. Is that correct?

Guest 0.10 Dollars($)

If you ask to see the report then the broker should give a copy. You do not have to wait up to closing to get it.

jameshogg · Posted: Fri May 11, 2007 11:01 pm Post subject: RE: appraisal report

Hi Gibbs,

Welcome to forums.

When the broker has taken the money from you, he must have paid the appraiser on your behalf and received the appraisal report. If that is so, then he should provide you with the report. As per the laws, you can ask for the report even prior to closing.

Thanks

mikeshapiro · Posted: Sat May 12, 2007 10:47 am Post subject:

Hello Gibbs,

The lender or broker is required to provide you a copy of the appraisal report. The report must come from the lender/broker and the appraiser is forbidden by law to give you a copy.

Tell the lender/broker you want a copy right now. If they say only at closing tell them you are going to cancel the transaction then and demand the report. If they still give you problems tell them either they give you a copy or you file a complaint with the state financial institutions department.

liaoyu03 · Joined: 09 Sep 2007 Posts: 141 0.48 Dollars($)

yes, i aggree with mikeshapiro, though the lender or broker has the priority to select the appraise conpany. but, you also can require a a copy of the appraisal report. you have the power to select if you will borrow from the lender. or else, you can look for another lender. btw,the appraise contain:the intended use of the report. the purpose of the assignment. the type of value reported and the definition of the value reported. the effective date of the appraiser's opinions and conclusions.
relevant property characteristics, including location attributes, physical attributes, legal attributes, economic attributes, the real property interest valued, and Non real estate items included in the appraisal, such as personal property, including trade fixtures and intangible items
and easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature. division of interest, such as fractional interest, physical segment and partial holding. the scope of work used to complete the assignment. I hope this is helpful for you.

evolovik26 · Posted: Tue Oct 09, 2007 7:30 am Post subject:

Here is the main reason your broker isnt giving you the copy even though they are required by law - They are affraid you will go to someone else to get a better deal. That is dumb because the thing is you can go shopping around without the appraisal and if you have the copy it can only work for you as a point of refference since it is in the lenders/brokers name and you cannot use it to get a loan with different lender without a relese from your broker.

mikeshapiro · Posted: Thu Jan 03, 2008 2:31 pm Post subject:

Good point Eugene,

The appraisal belongs to the lender/client who requested the appraisal.

Most all brokers/lenders require the appraisal to be in their name to fund the loan, though it is not a law. The appraiser can't (I should say shouldn't) change the lender name on the appraisal report, ever. It's a client confidentiality issue.

Now in the real world, the brokers have appraisers who will change client names and they know that some appraisers will even though its USPAP violation. Bottom line is brokers know they can get some appraiser to change client names and they dont want you to take the appraisal to another broker who can get the appraiser to change the client name, which is pretty understandable.

Am I right?

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