I just had an appraisal done by another appraiser for a different bank. I decided to switch banks so can the new bank use the other bank’s appraisal?

Yes, a bank or lender can use a recent appraisal from another lender, however, most do not. Most lenders would rather send their own approved appraiser through their own ordering process/company and have the right to reject or refuse to use the previous appraisal by another lender or appraiser. If the lender would decide to use a previous appraisal from another lender, the new lender would probably require the appraisal be sent from the appraiser to the new lender rather than accept the appraisal from the borrower.

Leave a Reply

Your email address will not be published. Required fields are marked *