The contents of an appraisal report are very privacy-sensitive information, and the moment someone is privy to the contents, there can be far-reaching consequences. So the big question is who all has access to your appraisal report and with whom is it shared?
We give you a short and clear answer to this.
Lender (the bank)
If you need an appraisal for a mortgage loan, the bank will get to see the report. But which bank gets to see that, that’s up to you. You or your mortgage broker may have indicated who the lender is when you commissioned the appraiser. For example, the ING Bank. The appraiser may then have linked this bank in the appraisal system when creating the appraisal order. The relevant bank (in this example ING bank) will then automatically receive the valuation report.
If you want to find out if your appraisal is linked to a particular bank, unfortunately you can NOT read that in the assignment terms or see it anywhere else. The only way to find out is to check with your appraiser or by contacting the validation club: NWWI.
The mortgage broker (intermediary)
It also often happens that the mortgage broker (e.g., “De Hypotheker”) is linked to the appraisal report. If so, they will automatically receive the appraisal report when it is completed. If you want to know if the mortgage broker is linked to your appraisal report, take a moment to read the assignment terms you agreed to. See here an example of the terms of assignment . You read here that this report is linked to the mortgage broker “Expat Mortgages.
A housing corporation
Is this appraisal to sell a property back to the housing corporation, then in all likelihood this housing corporation will also be linked to the appraisal report and therefore have access to the appraisal report.
A 2nd client
The appraisal order may have been issued by someone besides you. This is usually your partner, but it does not have to be. That person then also has access to the appraisal report. You can also read whether a2nd person is associated with your appraisal report in the assignment terms on the1st page. In THIS example you can see that there was indeed also a2nd person associated with this appraisal report.
Again: if you have lost those assignment terms, you can request them from the appraiser.
Other persons or agencies
You may have when the appraisal assignment was given to the appraiser there were other persons or agencies. In practice, that could be, for example, neighbor Jansen from whom you want to buy the property or, for example, Notary Pieterse. In the assignment terms, under the heading “You may not give this report to other parties,” you can read whether you have given permission for the appraiser to share this report with other people or organizations. Look at THIS example . In this you will see “N/A.are listed. Thus, this report may not be shared with other parties.
The validation institute
Appraisals are also visible to the club, which must proverbially “put a stamp” under the appraisal report to approve it. We call this validation. You refer to that as a validated appraisal report. This is the case with most appraisals. So the people working at the validation institute will also see your appraisal report. But these may also NOT share their contents. After all, you did NOT give them permission for this either.
People with access to appraisal registration number + address
The moment someone knows the registration number of your appraisal and also the address of the home, that person can also access the appraisal report through the NWWI website.
So make sure you handle that data with care.
You MAY share the report with NO ONE, even if you want to!
The joke is, you agreed in the assignment terms with the appraiser that you may not share the report with ANYONE other than the lender and/or other persons/agencies you approved in the assignment terms. For example, asks the notary for the appraisal report. Then you may give it to that notary only with the appraiser’s permission.
Be careful about sharing your appraisal report with the notary
Suppose you bought a house for €500,000. The appraisal shows that the property is worth €550,000. You accidentally send the appraisal report to the notary. On the day of the transfer, you find out to your great surprise that you have to pay 2% transfer tax on €550,000 when you only bought the house for €500,000! This is because the notary is required by law to charge transfer tax on the market value of a property rather than on the purchase price. If the notary catches or reads somewhere that the market value of a property is higher than the purchase price, he must charge transfer tax on that market value. This happens more often than you think! Now comes the extra asshole: if the appraisal value is LESS than the purchase price, then transfer tax is simply charged on the purchase price.
Can my bank see if I appraised the property again?
Suppose your home is appraised on July 1 for €1000,000 (appraisal 1). For 1 reason or another, that same property is appraised 7 months later for €700,000 and validated as such. With that 2nd appraisal (appraisal 2), there is no lender associated and you as the client do not share the report with anyone. Nor did you give anyone permission to see the report. Then your bank/lender can NOT access this2nd appraisal report. Really make sure you check carefully with your appraiser that he/she has indeed NOT linked a lender to your appraisal. For convenience, make sure you also never tell the appraiser which bank you have financing with, then he/she can’t easily get it wrong either.
Need an appraisal? Floris is happy to help you!
Below is my work area. I am happy to help you. You can reach me at floris@vkmakelaars.nl or at 06-47470404.
Scope of work Floris:
Aalsmeer, Amstelveen, Amsterdam, Badhoevedorp, Bakkum, Beverwijk, Bloemendaal, Castricum, Cruquius, De Kwakel, Driehuis, Haarlem, Halfweg, Heemstede, Hoofddorp, IJmuiden, Koog aan de Zaan, Krommenie, Lisse, Nieuw-Vennep, Overveen, Santpoort-Noord, Santpoort-Zuid, Spaarndam, Uitgeest, Velserbroek, Vijfhuizen, Vogelenzang, Westzaan, Wormer, Wormerveer, Zaandam, Zaandijk and Zwanenburg.