apprasial

[ACS]

Texas
Are appraisals transferable?

 

[Shel77]

I am unsure as to what you mean. What is it you are trying to do?

 

[ACS]

At the last minute, the day before closing my broker informed me that there is a different prepayment clause ( an important exit strategy for me if i should need one) and because he calculated the CLTV wrong I have to come to the table with an additional $4000.00 more. This is a small retail strip building - and great deal.

I have till July 15 at 10AM to close. Everything is done...everything. If I could find a new lender I might be able to pull this off. I heard that the lender requires their own appraisal

Please help me with any info you can provide. Thanks for your quick reply to my post.

 

[Shel77]

As long as a state licensed appraiser did your appraisal I don't see why you could not use it. Did you pay for the appraisal or did the lending company you are no longer going to use pay for it?

 

[ACS]

I paid for it, and this is a MAI designated apprasier.

 

[ACS]

Do you have a refferal for me?

 

[FloridaRob]

appraisals are NOT transferrable. even with permission from original lender, the appraiser can not just change the name of the lender. He has to treat it as a new appraisal.

It does not matter who pays for it.

 

[ACS]

Thought so.

 

[bishopxx]

In CA it does depend on who pays for the appraisal. If you call the appraisal company yourself and make the appointment then you own the appraisal. If your lender makes the appointment then the lender owns the appraisal. I know this because that is exactly what I did. That way I had more leverage when I shopped around for my refinance.

 

[ETex2]

In the old days, you could just call the appraiser, and with the original client's permission (lender), he could just issue new pages with a new lender name on it. No more. The appraiser can no longer just change the name of the client using a different date. He can, however, do a new appraisal and charge any fee he wants. This means he can reissue or copy the appraisal over with the new client name, the original date of value, etc. But this is considered a "new appraisal". He can charge whatever fee he wants for this. However, unless the lender has underwriting guidelines that prevents him from using any appraisal he didn't order, he should be able to use it with the old client's name intact. But most lenders I know of have a rule of using only their own approved appraiser. And with their name as the client. If you are the borrower, but the appraisal was done with a lender as the client, you don't "own" the appraisal, and you never were the client. Even if you paid for it.

 

[Shel77]

We are in FL and currently getting a HELOC we had some real issues with our first lender, about 6 days ago after not closing for the 4th week we changed lenders. Our appraisial that we paid for was presented to the new lender ( a major bank) and was accepted no propblem. I suppose it depends on the lender and what they and their underwriters require.

 

[ACS]

O.K., so the apprasial was accepted , how long was it after the accepted apprasial that you were able to close? My deal was (is) to get a new lender to accept the apprasial and close quickly. BTW, I am on my 3rd time to close. It has been (is) a tuff deal.

 

[Shel77]

We were told that we will close on Monday.