Financing in Omaha>Question Details

Brianne, Both Buyer and Seller in Omaha, NE

My husband and I wanted to refinance in July and had an FHA appraisal - we decided not to refinance, can the appraisal be cancelled?

Asked by Brianne, Omaha, NE Fri Nov 13, 2009

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Dean Uhing’s answer
Hi Brianne,
Check with the appraiser who did the original appraisal. Perhaps, he will amend his appraisal based on the work you need at a discounted price. Give the appraiser a list of items completed along with the costs.
Good luck.
0 votes Thank Flag Link Mon Nov 16, 2009
We wanted to refinance in July and the appraisal was completed and we paid for it but decided not to refinance because it wasn't worth it.

We have since updated the house some more and decided to sell the property. We have the opportunity to build and at a discount and are expecting, so the extra room will be needed.

The reason we would like to know if we can cancel is that... the value of the appraisal was done before some upgrades and even though we didn't refinance the fha appraisal is still out there and our buyer's lender is using this appraisal to determine what our home is worth. Is there anyway around that as we've made upgrades and the comps in the area have gone up in these past four months as well.
0 votes Thank Flag Link Mon Nov 16, 2009
I'm curious as to why you would be asking this question at this time. You were refinancing in July and now it is November, four months later. Why such a long time frame?
Also, are you asking this question in order to get a refund? Or was there something about the appraisal that you don't want to have it associated with the house any longer?
Hope all is well.
Love to ask questions and solve problems.
Dean Uhing
Prudential Ambassador Real Estate
0 votes Thank Flag Link Fri Nov 13, 2009
If it's monetary you're looking for, most likely, the lender paid for it and lost that money. If you were to pay anyone back, it would be the lender. If you're worried about the affects of the value on your home, there is no affect. Purchased properties, foreclosures, short sales, affect property value, not refinances.
0 votes Thank Flag Link Fri Nov 13, 2009
If you've already paid for the appraisal and it is completed, you cannot "cancel" it for a refund. If the appraisal has not been completed, then you should be able to stop it.
0 votes Thank Flag Link Fri Nov 13, 2009
If the appraisal has been done its done and you most likely have already paid for it. It really means nothing at this time if you are not going ahead with the refi.
0 votes Thank Flag Link Fri Nov 13, 2009
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