Legal Question in Real Estate Law in Florida

Re: Property Appraisal

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I have good news and bad news for you. First the good news is that if you paid out of your pocket for the appraisal, the lender is required to give you a copy of it whether or not you close with them.

The bad news is that a new lender will generally not accept the appraisal prepared for another lender. In earlier years, an appraiser would change the name of the lender for a small fee and you could proceed with the same appraisal but the appraisers will usually refuse to do that anymore. Try and negotiate with the new lender to deduct the cost from one of their fees to cover the cost of the second appraisal.

Scott R. Jay, Esq.