Lender's Appraisal

Why don’t lenders want to use the appraisal provided to them (and already paid for), and instead want to order a new one? To prevent fraud.

Unfortunately PDF documents can be edited and information adjusted, without the appraiser or lender knowing about it. This is why lenders work with companies such as Appraisal Nation to order an appraisal, which goes directly from the appraiser to Appraisal Nation, and then to the lender, without a chance for tampering. Appraisal management companies such as Appraisal Nation make it a 3rd party appraisal, with no bias for the borrower or the lender, based on recent sold comps in the direct vicinity.

Additionally some appraisals may be ordered without, and as a result be missing, necessary information such as the As-Is value and flood certification.