Often it is better that the
homeowner orders the appraisal directly from the appraiser.
Federal law says an appraiser works for who orders the appraisal.
And not who pays for the appraisal.
Did
You know
Desktop appraisals and automated appraisals many lenders use
instead of appraisers are so error-ridden that they have been known
to evaluate homes up to $200,000 less than they are worth. You
should ask a lender to use a live appraiser.
Read entire article
here
Did
You know
A
lender cannot pay an appraiser $250 and charge you say $350
at settlement without an additional service. Are you
sure a lender is not using an error-ridden online $29.95 valuation,
and charging you for a real appraisal?
Read entire article
here
The real estate
boom's flip side: foreclosures
''A lot of people are just over-extending
themselves to get into a house," said John
Sommerstein, a bankruptcy attorney in Boston.
''They become equity-rich and cash-poor, and if
there's a bubble coming, things could start
crashing down around them." Read entire article
here
The Equal Credit Opportunity Act says that the buyer
who pays for an appraisal is entitled see the report. But many
lenders remain secretive and obstinate. A written request to
the head of the mortgage-lending department, mentioning the Act,
should free up a copy. Under this law lenders are required to
deliver the copy "promptly" after a borrower requests it. A call to
your state Banking Commission is your next step.
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