SAN FRANCISCO – Ordering an appraisal? You can limit your liability if you know exactly what to ask for and you explain clearly who will see it. That was an important lesson 130 mortgage brokers and lenders learned Thursday from a session on appraisals at the California Mortgage Association's spring seminar, which continues today. During "Appraisals: What you know vs. what you need to know," Paul Chandler, founder of Property Sciences Appraisal Group, and Mitchell Feinstein, chairman of the board of Budget National Finance, focused primarily on commercial property appraisals, but the ideas they presented applied to residential real estate lending as well. Chandler and Feinstein urged attendees to know the different types of appraisals that are available and to make sure they order t...
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