If you did not pick the lender yourself and are not in direct contact with the originating loan officer, this will lead to problems. You must have had an interview with the loan officer in order for him to fill in the loan application, and you must have physically signed the application and all the disclosures. So, it is a little unsettling to hear that you lay the blame for a second appraisal on the Realtor -- why?
If the loan is FHA guaranteed, then getting a second appraisal won't help, since all FHA appraisal are considered gospel unless they're reviewed and found defective. A conventional loan goes through the HVCC system, which as far as anyone in the lending can tell, is so messed up that the economy will never recover from its implementation. HVCC has appraisers so scared of making mistakes that many people believe that they deliberately appraise houses low so that no one can claim that they overvalued a property.
Your loan file can be transferred to another lender, but if it is FHA, that won't help at all, since a low appraisal will persist on the property for 6 months, unless reviewed. A conventional loan is usually not transerrable. Giving up on you Realtor is your perogative, but also does not relieve you of any responsibility you may have incurred with regard to paying a commission for finding the property and executing a contract on it. But, your contract is between you and the seller, and does not rely on using a particular Realtor. You would not "lose the house" -- the contract still stands.
Since your questions revolve around responsibility issues, you should consult an attorney before committing to a specific course of action. Before doing that, you may want to consult the broker (boss of the Realtor) to try to work something out. However, your question seems to be with the lender, not the Realtor first.
You didn't say, but, by chance, is this a Shortsale; which takes a long, long time, sometimes.
We have your Bank, and the Seller and possibly the Bank that owns the property;
and you choose to blame your Agent?
She volunteered to pay for it without asking you, it sounds like she deserves some lattitude.
Maybe she wants to change clients?
Good luck and may God bless
Jack Gillis, M.B.A., J.D.
Nathan Grace Real Estate
5619 Dyer Street | Suite 100
Dallas, TX 75206
Yes, lenders can do this and yes, it is legal. Are you really working with a bank, or are you working with an independent mortgage broker? Without hearing all of the details it's difficult to know, but it's possible that the property did not appraise for the sale price, so the mortgage broker is trying to get another opinion to save the deal, and thus, his commission. Did you see the appraisal? You paid for it, you should see it - demand a copy. Are you sure this is a reputable lender? Why hasn't the lender discussed this with you instead of the agent? You are the borrower, not her. She should be in the loop, but so should you.
I can't figure out the angle on why a direct lender (ie, a bank) would want a 2nd opinion and want you to pay for it. if the value came in low they would more than likely just say so and given you an opportunity to go back to the seller and renegotiate. If it came in really, really high they could also question it, but most of the time appraisers will appraise property at the sale price and no more than that. Interesting.
Kind of sounds like to me that the problem is your agent AND your lender. Start with the agent's broker and see where that takes you.