Aug
18

One Appraisal, Two Appraisal, Three Appraisal, Four

By

I’m sitting here laughing as I type. A developer friend just called to tell me a story about a deal that he just finished. The construction lender selected the “lowest appraisal fee” last year and was proud that he had saved my friend $400.

Well, when my friend went to obtain permanent financing, the new lender refused to use the same appraiser due to the fact that “he had never heard of him”. That $400 savings with the unknown appraiser meant that my friend had to pay an additional $4,000 for the permanent loan appraisal. I’m laughing because my friend actually called the construction lender to thank him for the savings, and then proceeded to tell him that he could have saved him possibly a couple of thousand dollars by using a more credible appraisal firm………

MBD
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