info on appraisals and escrow

simran789 · Joined: 30 Mar 2007 Posts: 1 1.29 Dollars($)

who decides the appraisal company.borrower or lender

Guest 0.10 Dollars($)

Normally it is the lender who will order the appraisal. Lender will give you a copy of the appraisal at closing.

jerry · Posted: Sat Mar 31, 2007 2:52 am Post subject: RE:

Hi Simran,

Welcome to the forums.

The lender may appoint a licensed appraiser just before the closing in order to determine the value of your property.

If you wish to appoint an appraiser for yourself, you may request the lender for it.

Thanks,
Jerry

Guest 0.10 Dollars($)

We were trying to refinance our home with a company that we have dealt before. They have inflated the appraisal not once but twice. I have decided not to go with this company but approached another broker who was ready to service us with the best that he could put in. But he says we should take action against the company. Just not leave them as it is. I was just wondering what else could we do. If I wasn't smart enough, I would have let the company do the appraisal again and then god knows what we could have ended with. With the second mortgage, we ended up owing up more than 57K than my house is worth. What should I do, is it possible that I charge them some money through some legal action as they wasted our time and we even lost our money that we've accumulated as savings to start off paying the loan.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Guest 0.10 Dollars($)

[We were trying to refinance our home with a company that we have dealt before. They have inflated the appraisal not once but twice. I have decided not to go with this company but approached another broker who was ready to service us with the best that he could put in. But he says we should take action against the company. ]

You should file a lawsuit against them, it is a fraud to inflate the appraisal. levi

mikeshapiro · Posted: Wed May 16, 2007 4:55 pm Post subject:

Hi MJ,

Couple questions. How do you know the appraisal was inflated? Do you think the lender has altered the appraisal or the appraiser inflated the value?

For the lender & appraiser to inflate an appraisal is a violation of many laws obviously and you DO have a right to go after them. I guess the question is, has the inflated value hurt you or your financial situation?

If not, it might be best for your time to just file a complaint with the state board of appraisal and contact the mortgage bankers association and file a complaint. If it has hurt your financial position and you can prove the appraisal was inflated, call a lawyer to take action.

Best of luck. Usually to determine if the appraiser was purposely trying to inflate a homes value they will hire a couple review appraisals based on the date of the original appraisal.

Best of luck,

Mike

Guest 0.10 Dollars($)

Well i got it reviewed by another appraiser. Ok, so you mean that the state board of appraisal will take care of the appraisal and review it. I really don't wanna go into this review again as it has already cost me a lot. But Mike, how long doe sit take for the state board to review the appraisal?

Guest 0.10 Dollars($)

There's no such specific time period. It will depend more on the appraiser.

mikeshapiro · Posted: Fri May 18, 2007 1:33 pm Post subject:

Guest 0.10 Dollars($)

yeah Mike, the difference was around 25%. And I have just decided that i will have to file the complaint no matter what happens and how long it takes.

mikeshapiro · Posted: Tue May 22, 2007 9:12 am Post subject:

25% is way too much, doesn't mean its inflated purposely but someone is obviously far off mark. Let us know what they board does and your state if you don't mind.

Thanks

liaoyu03 · Joined: 09 Sep 2007 Posts: 198 7.29 Dollars($)

yes, the lender have more power to decide the appraisal company,because he is lender, you are a borrower.

All times are GMT - 7 Hours

Page 1 of 1