Thread: Appraisal and Loan

I sold a home myself once and the appraiser talk to me probably because I was there and asking questions. Not sure if this how it's done.

I asked her if she thought the price I was listing for would be approved and she said yes. I told her the price the realtor was going to list for and she said it would not have gone for that. So thats probably why it was not selling I decided.

I didn't ask anymore than that because actually thats all I needed to know.

Don't know if this helps just my experience.

As a seller's agent you have limited access to the buyer's loan information. You should be able to know if the appraisal was satisfactory or not. Your agent should be following up but can only do so much until the financing contingency expires.

You can retrieve some information but there becomes a point where it's just too much.

I am also an appraiser (not appraising right now though). All licensed appraisers follow regulations (USPAP) that restrict who they can give information to. The appraiser is really only should communicate information about the report to the client. The client is the person who ordered the report (for lending purposes this is the lender). If you as the buyers agent want to know about the appraisal or anything on the financing side you really should contact the lender.

Does the lender provide both the seller and buyer a copy of the appraisal?

It's not required that they share the appraisal. They are paying for it and thus it is their property and the other reason the appraiser should not discuss with anyone other than the client/s. This doesn't mean the won't share it though, but they have every right not to (although if it used as a basis to withdraw from the transaction, you may be able to push to receive a copy...)

The lender will likely only share the appraisal with the borrower, if they have requested a copy of it in writing. The seller would be entitled to a copy of the report (at least here in California) if the appraisal was a reason to renegotiate the price or to withdraw from the contract, the seller would be entitled to a copy. However it is all about the correct "chain of command" and the copy of the appraisal should come from the lender not directly from the appraiser.

The Buyer is entitled to a copy of the appraisal. The Buyer usually pays for it. The seller has very limited or no access to the appraisal and the buyer's loan. That's why some big sellers like builders want buyers to use their preferred lender.