Wells Fargo Second Appraisal

Yes, on large mortgage loans it is relatively common for a bank to require 2 appraisals.

Dan Gotlieb
Digs Realty Group
dan@digsrealtynyc.com

There can be a number of reasons for a lender requesting a second appraisal. You're not being charged so sit tight and you'll get your loan. These days lenders are very cautious and with good reason; they now are being held accountable.

Ellen Silverman
E. S. Funding Co.
Mortgage Broker since 1990, NMLS # 60631

We had this happen recently. It was called a "field appraisal" by Chase. The underwriter was not satisfied wit the original appraisal, there were a few errors on it. The 2nd appraisal came in a little ,lower and we had to renegotiate the deal. Quite frankly the apartment should have appraised higher from the start, both appraisers missed certain elements. The big factor was the high floor view North and East which included the Empire State Building. This was a prime West Village co-op. It turned into a small nightmare, however the buyer wound up benefiting.

Keith Burkhardt
TBG

Appraisals can be questioned by the lender or broker .

By the time these bank appraiser "experts" finish their appraisal the market has already passed them by. That's why Cash is King. You don't have some underwriter getting in the way and potentially killing a deal. Sellers love cash so if u have it use it and forget the bank. Cheers!