is a lender required to send appraisal to buyer?

Asked by Pauline Dinkins, Tampa, FL Mon Jun 11, 2012

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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Jun 12, 2012
Here is how it is worded in my disclosure:

The Equal Credit Opportunity Act (Regulation B) requires creditors to provide applicants with
a copy of the appraisal report used in conjunction with their loan application.

Pursuant to the Appraiser Independence Requirements, you are entitled to receive a copy of
any appraisal report that is obtained on your behalf, concerning your subject property, at
least three business days prior to the closing of your loan. A copy of any and all such
appraisal reports will be delivered to you, or may have already been delivered to you, allowing
you at least three business days to review the appraisal prior to closing of your loan.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
1 vote
Ron Rovtar, Agent, Boulder, CO
Thu Jun 14, 2012
Hi Pauline: Unless the lender was kind enough to pay for it in your stead, you should be able to get a copy from them simply by requesting it. Frankly, they should have sent it anyway. In other words, it belongs to you because you paid for it, or will at closing.

0 votes
Carolyn Dahan, Agent, San Diego, CA
Thu Jun 14, 2012
I don't know if they are required to send the appraisal to the buyer, but they should do it. I have represented many buyers and they have always received a copy of their appraisal. The buyer pays for it so they should be able to see it!

Carolyn Dahan
Prudential Americana Group
0 votes
Renee Burrows, Agent, Las Vegas, NV
Wed Jun 13, 2012
You paid for it - it is your property is my opinion. I have never had a problem with a lender giving the appraisal to the buyers upon request.
0 votes
Steve Matthe…, Agent, North Las Vegas, NV
Tue Jun 12, 2012
Hello again Pauline,

Thumbs up to Jim who has the actual wording from the Equal Credit Opportunity Act. This would suggest, that since the appraisal directly effects Pauline, she is without a doubt entitled to a copy of the appraisal, whether she paid for it or not. This does fly in the face of what Lenders have represented, but I guess if they argue with you about giving you a copy of the appraisal, you can waive a copy of "Reg B" at them, and they will have to cough it up.

Bet wishes,

0 votes
Steve Matthe…, Agent, North Las Vegas, NV
Tue Jun 12, 2012
Hello Pauline,

Because of customary practices in the State of Nevada, we are all assuming one thing here with regard to who is entitled to receive a copy of the appraisal. The truth is that the appraisal belongs to who ever paid for it. If you paid for it, you are entitled to get a copy of it. If the seller paid for it, they alone are entitled to a copy of it, and must authorize anyone else, including the lender to receive a copy. Therefore, they would also have to authorize the appraiser or lender to give you a copy of it. If you did not pay for it, no one is under any obligation to give you a copy of the appraisal. But, as I said, who ever did pay for it, can agree to have a copy of it released to you. I know it is a little nuance, but it makes a difference.

If you paid for the appraisal and the appraiser and/or lender will not give you a copy of it, demand you money back. You paid for a service you did not receive.

Give us an update on the outcome.

Best of luck, and thanks for reading.

Steve Matthews
Prudential Americana
0 votes
Donna Hodge, Agent, Henderson, NV
Tue Jun 12, 2012

You paid for it. If the lender forgets (it may be as simple as that) to give it to you, ask for it. There's no reason he/she would not or should not provide it. If he refuses for some reason, enlist your agent's help, and if that doesn't work, go higher, at the mortgage company to a supervisor or owner. If that doesn't work, find out who in your state licenses lenders, and go tho them.

Mike Pristow, Donna Hodge & Associates
Keller Williams Realty
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Jun 12, 2012
Typically you pay for it so you are entitled...I've never heard of a buyer not getting it automatically from the lender in my area.

0 votes
Raina Musser, Both Buyer And Seller, Las Vegas, NV
Tue Jun 12, 2012
The Buyer will need to request for the appraisal, if you did not received a copy from your loan officer. It might not be standard for them to send out. If you paid for it, there should not be issue with receiving it. Great question, thank you for posting! Raina Musser
0 votes
RelocationPro, Agent, Las Vegas, NV
Tue Jun 12, 2012
Yes, lender should have no issue forwarding upon request. If appraisal is inline with offer price, you often won't see appraisal until signing your escrow documents UNLESS you specifically request.
0 votes
Missy666, , Las Vegas, NV
Mon Jun 11, 2012
Yep just ask for it you paid it they should let you have it no prblems.

Whos the lender that wont let you have it
0 votes
Larry DeCour…, Agent, North Las Vegas, NV
Mon Jun 11, 2012
You have a right to a copy of any report that you pay for.

Larry DeCoursey
0 votes
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