Refinance & appraisal issue

 We did a lot of work to our house and we've raised it's value. So we decided
refinance and get some cash out. In doing this, we managed to choose a bad
mortgage broker, and because the closing costs were too high we will be
rescinding the loan.

The problem is that this same broker has our appraisal, and we are going to
need a copy of it before we can get a new loan with anyone else unless we
pay to have another appraisal done. When the house was appraised, we paid
the appraiser and at that time we asked for a copy of the appraisal and he
told us that because the appraisal request came from the broker only the
broker would get a copy, and we would have to get a copy from the broker. At
the time that seemed ok (d'oh!), but I'm guessing that when the broker gets
our notice of rescission, sending us our copy of the appraisal isn't going
to be his top priority ;-)

Anybody have any suggestions for getting a copy of the appraisal either more
quickly out of the broker, or out of the appraiser? Or, are we pretty much
stuck with paying for a new appraisal? We'd like to avoid another $300 hit
if we can.

 
I would think you'd have to pay for a new appraisal.  What does the original
broker stand to gain by giving you a copy?  For that matter, what incentive
does a subsequent lender have to trust an appraisal from a stranger?

 Call the broker and try to get one.
or
Call the appraiser and have the appraiser contact the broker to obtain
permission to release the appraisal to you. You have paid for it, it's
yours!
The new broker will call the appraiser to have it changed into their
name and out of the old brokers name.

 On 17 Nov 2003 07:13:49 -0800, someone wrote:


NO, it does NOT "belong" to the borrower.  The 1st broker is the
client of the appraiser.  That is the party to whom the appraiser is
professionally liable for his advice (opinion of value).  Just because
the broker insists that the borrower reimburse him for certain
orgination costs, doesn't mean things now "belong" to the borrower.
BUT, the consumer protection laws likely do allow you to get a copy.
BUT BUT you are still not where you want to go, see below:



BULL F'N SHIT.  See the part about who the appraiser is on the hook
to, who the appraiser is professionally liable to.  The 1st broker.
Are you that naive?  The appraiser is just gonna "change the name"?
HA!  You might as well try this with surveyors too.  Try calling the
previous surveyor and asking him to just "change the name" and send it
to you again.

The new lender needs a new appraisal, from one of their approved
appraisers, made out to THEM.  Maybe but not likely you can get $50
off from the same appraiser being that they just did it, but these are
the gravy jobs for an appraiser, why would they "just" change the name
and not get the fee?  Why do you think there is an appraisal anyway?
Why would a prudent lender rely on an appraisal made to someone else,
where they have no recourse against the appraiser?

I tink you are very naive.  Are you telling me that you have been able
to do this, just get appraisers, surveyors, etc. to "change the
name"????

-v.

 Well, actually, we are entitled to a copy of the appraisal - we even have a
document that says so. We did pay the appraiser directly (not the broker),
so if push came to shove I suppose we could play hardball, and dispute the
charge (we paid with a CC) on the grounds that we had paid for an appraisal
and had not received it. I don't know if it would fly, but it has some
reason to it.

My issue was getting my legally-entitled-to copy in a timely fashion. We've
sent our request, and as it turns out the people we had to send it to are
different folks (different company, different state) than our old broker, so
hopefully it's a big enough company that they'll just send it out as
requested.

Even so, a well-recommended mortgage guy I spoke with today said there was a
good chance they could simply have the appraiser reissue the appraisal to
him directly. It didn't seem to be an unusual thing to him, although he did
stipulate that they would reserve the right to request a new appraisal if
the original appraiser was known to be unreliable by them.

If we have to have another appraisal done so be it. I just don't want to be
feast for every leech in the world of real estate. Especially not when more
often than not the appraisal could have been done using aerial photography
given how much they actually look at the house.