Asked by: Heitor Janigbusiness and finance real estate industry
Can you hire your own appraiser?
Last Updated: 6th February, 2020
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Subsequently, one may also ask, can a borrower choose their own appraiser?
For all practical purposes, the appraisal belongs to that lender because the borrower cannot use it with another lender. While nothing prevents borrowers from purchasing appraisals on their own, lenders will not accept them, which means that they will have to pay for a second appraisal when they apply.
does the bank choose the appraiser? In most residential property transactions you are able to choose your real estate agent and your lender, but you cannot choose your appraiser. Instead the appraiser must be chosen by your lender to provide a level of independence from the buyer and seller.
Regarding this, do you pay for your own appraisal?
For most loans, your lender chooses an appraisal provider, so appraisal fees depend partly on who your lender uses. You typically can't shop around for a less-expensive appraiser. You can hire your own appraiser, whether you're buying or selling.
Can you request a different appraiser?
And if you aren't satisfied, you can ask the lender to send another appraiser. An appraisal is not a home inspection. The two are totally different. The appraiser's job is to observe the house in its current state, compare that with similar homes in the area and come up with a valuation.