This week we got a phone call from a homeowner. Several days ago, we completed an appraisal on their property, and they called, wanting a copy of the appraisal. We had to be the bearer of bad news, and let them know that we actually could not give the homeowner a copy of the appraisal.
In this blog post, we’ll discuss some of the common ways appraisers and clients interact with regard to the appraisal reports, and we’ll also answer some typical questions about the appraisal report.
Why can’t the homeowner get their appraisal from the appraiser?
The short answer is that the appraisal report will be turned in to whoever is determined to be the client. If the appraisal was ordered by a bank, then the bank will get the appraisal. If it was ordered by an attorney, the appraiser will send the finished report back to the attorney. Whoever orders, receives. Usually, once the bank gets the report back from the appraiser, they either forward a copy on to the homeowner or will get a copy to the homeowner a few days before the loan closes.
Is there ever an instance when a homeowner can get their appraisal directly from the appraiser?
Yes! When the homeowner engages the appraiser privately, the homeowner is the client. If you’re looking to sell your home in a couple of months, and need a pre-listing appraisal, then you as the homeowner can contact an appraiser directly and engage their services. In this case, you are the only client, and when the report is completed, the appraiser will give you a copy.
But I paid for the appraisal!
This is the most common objection we hear, and its an understandable one. You’ve paid hundreds of dollars for something and you’d like to see what you paid for, right? Seems logical. But here is what most homeowners don’t understand: the appraisal was not completed for you. Sure, you may be refinancing your mortgage or financing a new home, but the appraisal is actually completed for the bank. It’s your lender who needs the appraisal and will be relying on that report to make a lending decision. The bank is the client (in most cases), and to whom the report is sent – regardless who pays for the appraisal.
A helpful analogy…
Helping homeowners navigate the appraisal process,
Ryan Bays, SRA, AI-RRS