appraisal gone wrong???

Guest

I bought a home back in 05 in Florida. 2 years later I tried to sell it to no avail!! I became very annoyed that everyone else in my subdivison was selling and not me. I did some of my own investigating and got a copy of my original appraisal from the bank and found that the appraiser appraised my home gross sq ft (which he lessed) to the other homes living sq ft. The homes he used are also in the better part of my subdivison and are also are bigger lots and have lots more extras than I. Also, he did not include any photo, so I took it upon myself to go to these homes and take pictures, not one of these homes look no where near what my home looks like, also one is about 4 miles away and is in a brand new community that was just built at the time. He also said I had 10 rooms when I only have 8!! Is there anything I can do to sue him and anyone else involved? Also, what type of lawyer do I look for? I have tried Real Estate attorneys and they tell me they just handle closing and such? Help please I do not know what to do.

jameshogg · Posted: Wed Jan 21, 2009 10:32 pm Post subject:

Hi lori,

I can understand that the appraiser has not appraised your property correctly and as a result of this, you are unable to sell off the property. You can ask the appraiser to appraise the property correctly for you once again. As far as I can understand, you can be able to sue him. You can contact an appraisal fraud attorneys and check if they are ready to help you in this case.

Thanks

Guest

i refinanced 2 years ago and everything went through fine, but later i found out that the appraisal is totally the wrong house, no where near my home and know i can not sell or do any equity loans, he put the house thousands of dollars above the value

jameshogg · Posted: Wed Feb 18, 2009 10:41 pm Post subject:

Hi Carol,

I think it's the fault of your appraiser. It would be better if you can contact an attorney regarding this and he will be the best person to tell you what you need to do in this case. If possible, you will be able to sue the appraiser.

Thanks

Guest

When we bought the house it has 2 connected lots withing the property, the appraiser only wrote down the dimensions of one of them. Our property would have been worth more, and we would be 80 % ltv. What can we do. Can we make him redo the appraisal?

jameshogg · Posted: Sun Mar 22, 2009 9:31 pm Post subject:

Hi Oshea,

If you are not satisfied with the appraisal, you can ask him to redo it. You can even contact a new appraiser and ask him/her to do the appraisal for you.

Thanks

apexoffice · Posted: Mon Mar 23, 2009 8:06 pm Post subject:

Oshea,

You have a very common scenario. The appraisal can be done using both lots, BUT it does come with strings attached. Because they are currently parceled seperately, in order to include a seperately parceled lot, the appraisal would have to be subject to a hypothetical condition that the lots are combined in an assemblage.

It has been my experience that most lenders do not like hypothetical conditions but it would be up to the lender if they are willing to accept it like that. Most lenders require that the appraisal only include the parcel where the dwelling sits. I would start with the lender and see what can be done.

Guest

I bought and apartment, trusting that the bank review the appraisal report before the loan is approved, when I rty to sell it I found out that no other properties in the area were sold by that price, and the onwers of the complex bought some units to set the price, an as a maater of fact one of them was use as a comparable, the otherone was not showing as yet as a close sale, the contributions were not disclosure in the report, and he also put that was for owner occupied when the loan was done as an investment property, the year put in the report was wrong too and the properties being sold was not was not the right amount, and he also said that they were owner occupied when all the properties in the tax record were showing that those people were living in another address, and the contribution was not disclosure as well, base in all the fraud on the appraisal report this loan should never be approved, where should I go to make this people responsable of what they did?

thank you very much for your help

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Only place is court but not sure even if you cna prove anythign and it will be too long

The market is like this becuase of such deals and apprisals in the first place

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.90 Dollars($)

These kind of shonky practices and lose controls are what has given the property development industry such a bad name.

Between sub standard material, dodgy contractors and kickbaks to local authrourities to get building passed which shouldn't it's no wonder theres so much trouble.

Lori, out of interest did you get an independent valuation before buying or did you simply accpet the vendors one at face value?

riseabove · Joined: 09 Nov 2009 Posts: 70 12.67 Dollars($)

Lori, did you contract this valuer and pay his fee? If so then there is probably some sort of action you can take against him.

If the appraisal was commisioned by the lender, then they could probably take action against him for overrepresenting the value of your property, but I have to say it's not normally the case that someone wants to sue a valuer for saying their house is BETTER than it actually is.

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