Real estate appraiser duties

[Michael Alegria]

I am in the process of a mortgage refinance.

The refinance mortgage amount is $100,000. The appraisal amount is $245,000. I paid $700 for the appraisal.

. The appraisal was “subject to” installation of water heater earthquake straps

. The lender would not proceed with the loan until the straps were installed.

I did not understand why the lender would hold up this loan for that minor issue which is of no consequence to the value of the property.

My research indicates that minor code issues are beyond the purview of an appraiser.

The lender is assessing a $200 fee for a final inspection of the water heater.

Given the history of abuses by mortgage lenders, I am evaluating my options and considering a complaint against the appraiser and the mortgage lender.

I would appreciate any thoughts regarding this issue.