What to do if our old loan company won’t release the appraisal to the new company?

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What to do if our old loan company won’t release the appraisal to the new company?

We have been trying to buy this house for a year and the loan mortgage company has let a lot of things expire one of which was the FHA approval number. So the appraisal we had expired and they paid and ordered another. Now they wont release it to our new mortgage company. Why and how can I make them? We only have 1 week to close or we lose the house and we have no extra money.

Asked on December 23, 2011 under Real Estate Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You say that "they" paid for and ordered another appraisal. If the loan company did, then they probably do not need to turn the appraisal over to a new company--the appraisal is their property, not yours, if they were the ones who ordered and paid for it. Unless there was some term in an agreement requiring them to turn over the appraisal upon request, they would not seem to have to do so.


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