Virginia | Real Estate Law
1/22/12, 6:52 pm
Legal Question
We are purchasing a home. The mortgage company did not give us a choice in appraisers and used one of their own to do an appraisal on the property we are looking at. The real estate comps are for a much lower price, so we did not expect the appraisal to come back for the exact amount that our loan is for. We are concerned that there may be a conflict of interest here since the mortgage bank used their own appraiser, who may be reflecting the bank's interest instead of being neutral. Is this unusual business practice or a conflict of interest to have a bank use their own appraiser to assess a house for a client? Is it a conflict of interest to not even give a client the option to choose?
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Read More Answered By: Michael E. Hendrickson |
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