If you already ordered and got a property value from your lenderâ€™s appraiser, than you are in escrow I am sure. If you are in escrow already, than your future property has to be in pending or back up offer, but shows in active status as of 04/14/2010 at 9:28 PM in MLS Mercado/Alliance.
To order an appraiser and get a price takes a few days minimum and based on MLS rules, the listing agent has to change an active status to pending or back up offers after 48 hours of sellerâ€™s acceptance. You have questions to ask not only to your loan broker, but your agent as well.
For your appraiser report â€“ you paid for it and you can request a full copy of it. It is yours. There is a contact that you can call or e-mail. Even though the appraisers are independent, and they donâ€™t need to explain how they got the value for the property. But you can ask your loan broker or real estate agent to explain the appraisal report to you. I am sure; appraiser used not only active listings, with asking prices. Donâ€™t worry. There are different methods of valuation and your real estate agent can explain it to you how it works.
And your down payment amount has nothing to do with your appraisal report. They are appraising the property, not your buying power. If you change your down payment to 20%, the property value is not going to go up for that. It will be the same.
You can order second opinion or go to other lender, it is up to you. It is your money; you are paying and it is not a penny deal. Be on top of it.
But if you need more answers, just ask to your loan broker or agent. I am sure you will get good answers to your questions. Sometimes in real life miscommunication happens.