Property Valuation
A Minnesota property buyer hires their own appraiser for a second opinion. The second appraisal comes in $30,000 higher than the lender's appraisal. What options does the buyer have?
AThe higher appraisal automatically supersedes the lender's appraisal
BThe buyer can request a reconsideration of value from the lender's appraiser or request a review appraisal✓ Correct
CThe buyer must accept the lender's lower appraisal for loan purposes
DThe buyer can use any appraisal they choose for qualification
Explanation
For mortgage purposes, the lender's appraisal controls. If the buyer has grounds to challenge it (factual errors, missed comparables), they can request a reconsideration of value from the lender's appraiser. The buyer can also request a review appraisal if they believe the original was substantially flawed. Simply having a second opinion appraisal from the buyer's chosen appraiser does not override the lender's appraisal.
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