Usually when you pay for something you own it. The exception to this rule is for real estate appraisals. When and if they are required, they requested and owned by the lender. On the odd chance that we your broker have a copy, just remember that we can not release it to you.
Appraisal are required if you are putting more than 20% down on a property and high ratio mortgage insurance is not involved. However there are a few lenders who use an Automatic Valuation Service to confirm the value of the property thus negating the need for a full appraisal inspection. Also as of late appraisals have been required if the agreed upon purchase price exceeded the listing price by a large margin. This is because of our hot real estate market.
Today I am thankful for the … Read more