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Updated over 8 years ago on . Most recent reply
Can I show 1st appraisal report to 2nd appraiser?
I am trying to buy a home and I have a problem with previous mortgage company so I switched to new lender. They required me to have new appraisal. The 1st appraisal came out $500 more so it was fine but I am concerning if I do 2nd one and it goes lower. Can my agent join the 2nd appraisal and submit 1st appraisal report to the new appraiser? If so,
what part of 1st appraisal report can I bring on 2nd appraisal?
should I give it out whole report pages including previous appraiser information or just pages showing comparable properties examples? I am so frustrated that I have to go through another appraisal again. Thanks!
Most Popular Reply
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As a former residential appraiser I can say that yes you should share it. It just saves the new appraiser so much time.
Downside risks are here though - if there flaws in the appraisal or there has been a downward trend in sales prices. Most banks want comps within six months, so know your market!! If the comps in appraisal 1 are older than six months, be aware of new comps and provide those.
Think of the appraiser as a team member, not an adversary.