Why isn't a copy of the appraisal automatically provided to a homebuyer? (Shenandoah: lender)

[Rsanderson]

Many of the homebuyers that I talk to were not provided with a copy of the appraisal that was performed when they bought their house. I'm aware of the fact that the lender generally hires the appraiser, but the buyer is charged a fee for the appraisal and it's shown as a buyer's expense on the settlement or closing statement. Many buyers tell me that once they ask for the appraisal it's provided to them, but why not
give them a copy at settlement?

[clintsullivan]

That is typical now; the borrower has to request a copy of the appraisal from the lender. I think that if the borrower pays for the appraisal the lender is required to provide a copy if requested. The appraiser can not give a copy to anyone but the client (the lender who ordered it.)

[oneasterisk]

When I bought my house in 2003, I was given a copy of the appraisal during closing. When I bought an investment property in 2009 (same lender), I had to ask for a copy after closing and they emailed it with no question. No clue why the discrepancy.

[South Jersey Styx]

I just recently bought my house in the Shenandoah Valley and a copy of the appraisal was given to me when it was completed -- way before closing and settlement time.

[BrianLMA]

The lender I regularly work with always provides a copy of the appraisal to both me and the buyer as soon as it is approved by her underwriter. I think it's important that the buyer physically sees it before settlement, not just told that the numbers are okay.

[VA Yankee]

I've always received a copy, in fact once we needed to call them back because they didn't take certain facters into consideration.

[badger74]

As a commercial appraiser the rules are quite clear. Only the party that ordered the report ia entitled to receive it. That party may designate other copies to be sent to other parties but the appraiser must receive the permission of the client (the person that ordered the report of any other person designated in the appraisal services contract as the client) before a copy may be sent. The person getting the ultimate bill for the report does not matter. Most banks bill the cost back to the borrower but our contract is still with the bank only. Other laws might require the bank to give the borrower a copy but that does not govern the appraiser's end of things.