In most cases, once an FHA appraisal is completed and released to FHA, the appraisal becomes “public record”. This means that going to a new lender to get around a low value or poorly prepared report usually will not work.
This comes up often for us with FHA deals. Appraisals come in low, and sellers and Realtors ask to go to a new lender. But this often does little good b/c the new lender will ask to see the previous lender’s appraisal.
Sometimes, we can “dance” around this by begging a lender to NOT release the low appraisal to FHA, but in most cases we cannot and the bad appraisal becomes public record.
There are new compensation rules in place today for all mortgage companies, including JVM. How will they affect Realtors and borrowers?? They won’t at all. JVM’s structure is such that the new compensation rules hardly affect us, let alone our clients. Hopefully, nobody is too concerned about the compensation rules, but if anybody is, please email us and we will put you at ease.
Call Jay Voorhees at (925) 855-4491
Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646