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Who owns the appraisal?
In almost every case the appraisal is owned by
your mortgage company, even though you may have paid for it.
This is because your mortgage company orders the appraisal on
your behalf, and the appraiser lists that mortgage company on
the appraisal report. Even though the mortgage company owns the
appraisal, you have the right to receive a copy. It is at the
mortgage company's discretion whether to give you the original
appraisal.
What if I decide to use another mortgage company
after the appraisal has been completed?
This does not necessarily mean you will have to
pay for another appraisal. Your first lender can transfer the
appraisal to your new lender. Some appraisal firms may charge a
small fee, however, because there is clerical work involved in
editing the appraisal to reflect the new mortgage company. This
fee is called an "Appraisal Retype Fee." The original mortgage
company has the right to refuse to transfer the appraisal to
another lender. In this event, you will need to get a new
appraisal. |
