Are you sure that is the reason the second appraisal has been requested? Have you seen the first appraisal report? Also, who ordered the initial appraisal?

Brian used a great word "pre-counseling," which I do, but I guess just never named the process. I just recently braced one of my sellers for all the recent changes in appraisals. Appraisals must now be "arms-length" and there has been a lot of buzz lately about artificially low appraisals (which I agree with Brian there as well - it basically is to overcompensate for all the artificially high appraisals during the boom). Here are some links I sent to my seller:

http://www.tennessean.com/apps/pbcs.dll/article?AID=/2009062…

http://news.mortgagecalculator.org/are-low-appraisals-a-sign…

http://www.bloomberg.com/apps/news?pid=20602007&sid=aYKD…

http://www.sun-sentinel.com/business/sfl-new-appraisal-polic…

Second appraisals are being required in some instances, but not usually due to the circumstances you give here. Especially if it was the lender who selected the appraiser. Usually the lender submits an appraisal order into a "pool" of already approved appraisers. Mostly I'm seeing lenders require a 2nd appraisal if they feel the first one doesn't quite make sense or may not be using the best, latest & greatest comps and information. It's perfectly reasonable for them to ask for a 2nd opinion AND to ask you to pay for it. After all, they are lending you (potentially) hundreds of thousands of dollars and the appraisal is a 3rd party service meant to give them peace of mind in doing so.

But if the true reason is that they don't know the appraiser AND If it was your lenders responsibility to arrange the appraisal, then I would ask your loan officer to foot the bill for the new one. Talk to a manager if you need to and threaten to walk. Again, if it's because the first appraisal was really just inconclusive to them, then you probably need to pay it

If your realtor ordered the appraisal with the thought that any lender could use it, then they probably overstepped their bounds. In that case I don't blame the bank, because lenders want to control the process to avoid any air of impropriety. In this case, I would expain how you feel to your agent and request they pay for the appraisal or at least reduce their commission and give you a credit at closing.

If somehow you were the one that ordered the appraisal, which is unlikely, then that's your bad. It's not your responsibility to do that either and you're on the hook for a second one like it or not.

Hope this helps!

WOW I have never in all my years in real estate ever heard of this one. Usually mortgage broker works with pool of appraisers "request a dispatch order". All appraiser or professionals including inspectors, Realtora area certified via State . I would require that any all parties EXCEPT you pay for the new appraisal

DISCLAIMER: My statement is only based on info. supplied.

You have reason to be concerned.

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Lynn911

Unfortunately, we are seeing a whole bunch of odd, inconsistent behavior and situations in the lending world. All of us agents get ulcers daily trying to keep the deals together and running as much interference as possible to minimize this type of thing. Agents and even the mortgage broker have no control over who the appraisal requesters choose for the appraisals. We're in a time where a lot of bad behavior by prior poor stewards of the industry and monies is causing stress and issues for today's above-board lenders and innocent buyers. I know this doesn't "help" as you asked, however, I can say I'm seeing this type of thing more and more every month. My buyer and seller pre-counseling has completely changed to hopefully prepare everyone for ALL the "what-ifs."