Appraisal for commercial business

Discussion in 'Credit Talk' started by Dani, Jun 19, 2001.

  1. Dani

    Dani Well-Known Member

    Hi, everyone. Need some advice. My parents just got their commerical building appraised for a loan. The lender would not approve the loan because my parents would not use their personal home as an additonal security (mind you the commercial building would also have been a security). The commerical building was appraised for almost half a million and the loan was for less than 1/2 of the appraised value. The appraiser has now sent my parents a bill for $1,500 although we don't even have the appraisal (the lender does). The lender says they need to pay the appraiser. I believe the lender and appraiser (they work for one another) are in cahoots. I know the average appraisal fee in this area is $350-500. Does anyone have any options on what to do before they begin threatening legal action? Thanks.


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