When working with a hard money lender, let the lender order the appraisal. Here's why...

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Here's another tip for working with hard money lenders. 

Let the lender order the appraisal. Don’t think by already having an appraisal it is going to speed up your loan processing. It’s typically a mistake and will ultimately cost you more money on another appraisal.

Most hard money lenders have an approved list of or use just one appraiser or appraisal company. The lender is going to want to order the appraisal from an appraiser it has already selected and or done business with. If by some chance the borrower has obtained a recent appraisal from the same appraiser or appraisal company the lender uses it might be a lucky break for the borrower.
However, most of the time the lender is going to require another appraisal meaning another appraisal cost paid for by the borrower.

Do you have hard money loan questions or tips?