Has this ever happened to you?  You’re buying property or refinancing, you have paid for a lender appraisal but you can’t have a copy of it.  Not being able to read a report you paid for is odd on the face of it, especially if you paid for the service in relation to property you may soon own, or property you do own already.  It’s natural you might be curious about every detail.

Unfortunately, lender appraisals are for mortgage purposes only.  This kind of valuation is sometimes done differently than an appraisal a consumer would order to support the valuation for an upcoming property sale or for another use.

Mainly due to liability reasons, only the lender may have a copy as its sole purpose is to confirm the value for lending.  Should anyone rely on the report for another reason and suffer a financial loss because of inaccuracies or omissions, the appraisal company and anyone who shares it may also be liable.

For an additional fee, an appraisal company may be happy to repurpose the report for your own use, which is sometimes open to you to request.

In any case, should you need mortgage information for a purchase, refinance, or other purpose, I am here to help.

Image Credit: Kristina Flour, Unsplash