The new lender does not have to accept the appraisal from the previous lender. Yes, if they order a new appraisal, they will disregard the first appraisal.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
Good luck and congrats on your purchase!!
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
Have your buyer's agent give you a list of comparables in great condition.. that way you can estimate what your property will appraise for after it is renovated.
Good luck and congratulations!