Appraisal issues...

**Lor24** · 06-17-2008, 04:24 PM

Does anyone have any advice on getting a lender..aCountrywideCHOO.. to release an appraisal? these specific morons who were handling my buyers loans had a full month going along like they were working on a loan just to let us know 3 days before closing it should have never happened, I think i've mentioned this before somewhere on here, but now the new lender we had the loan transferred to needs to get the previous appraisal ordered by Countrywide, I know we just discussed this in a class last month, how technically these appraisals belong to the buyer since they paid for it.. what's the best way to get the old lender to write out a release for the local appraisor to recertify it to the new lender?
thanks, : )

**jamesww** · 06-18-2008, 11:05 AM

Contact whoever was handling the file ask for the appraisal from them and if they do not make it available to you in 48hrs go and look up the code that states that the appraisal is the buyers and must be given. Attach this to a letter that states this is the second request (or however many times you have asked) for the appraisal made by the buyer and that if it is necessary you will make a report to the real estate commision and the BBB. In the letter let them know that you do not want it to come to that and would rather just obtain the appraisal. Take this letter to the brick and mortar office of the individual of who was handling the loan and request the managing broker. Give the letter directly to the managing broker. That should get you some results. Good luck hope everything turns out well.

**Lor24** · 06-18-2008, 11:27 AM

thanks James, I found out today the countrywide office in tulsa who had this file is closed/gone, they took $400 plus from the buyer for the appraisal and credit report..so I'm trying to get to the main branch manager who ended up with all their files who is in California: ) I'm in south tx, cant go to any of these places in person... and now the local appraisal co. is saying they were never even paid..so besides the recertifying fee of $150 we may just have to repay the $375 and have the buyer file a services not rendered with their bank,if i cannot get anywhere with the new countrywide guy, its truly insane...i know my broker told me countrywide closed their offices up in houston as well...days like this make me HATE voicemail: (
Lorie

**jamesww** · 06-18-2008, 12:18 PM

I would make a phone call and send a certified letter requesting return of funds to your buyer or payment to the appraisor and release of appraisal. Good luck there will be more lenders to follow.

**JimTrail** · 08-02-2008, 05:58 PM

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I was in the appraisal business for 20 years.

The lender is the legal client. Law requires, or used to require when I was an appraiser, that the appraisal report be addressed to the client.

If the borrower pays for the appraisal he has a legal right to obtain a copy of the appraisal report.

It is illegal for one lender to use an appraisal that was prepared for/addressed to a different lender. The borrower must obtain a whole new appraisal.

I used to run into this exact same issue occasionally. It's unfortunate - but that's just the way the law is written.
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