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Why do we have appraisal report reminder for Purchase loan only?

In purchase transaction, it is very important to order appraisal report ASAP. There is appraisal contingency that buyer has to remove.

In America, if buyer agree to buy a house at $500,000 and the appraised value is coming out at $480K, the buyer normally request seller to lower the price. If seller is not agree to, buyer can back out (cancel the contract).

Timing is important and that is why I want borrower/processor to know that we need to order appraisal report right away.

Refinance is not important to order appraisal report right away. Most borrower want to make sure the loan is approved or they can lock the rate they want before they spend money on appraisal report.

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