We just had a home appraisal done for the property we are looking to buy, The appraiser and the owner know each other, and I feel that they may have colluded to bring up the appraisal value. Can i request a second one with a different person? Who pays for that? by jasonbisma229 from Miami, Florida. Dec 17th 2010
If you are financing this property another appraisal will be required. ... As long as you have a contingencies that the sales price will be based on the Lenders Appraisal, you should be alright. ... If this is an all cash offer, another appraisal will probably be paid by you. .... If another appraisal comes in higher, you just shot yourself in the foot. ..... Happy funding, Rudi
If you are using bank financing to fund this purchase, there are certain protocols that must be followed by the lender, appraiser and you in order to ensure that the appraisal meets the new compliance standards set forth in HVCC, which was instituted in May of 2009. This protocol specifically prohibits the lender from choosing the appraiser for this specific reason. I there isn a bank involved, you can chose to have another appraisal done but it would probably be at your expense. If you have any questions call me at 877-662-3321 x-102. Joe Shamie
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