can you sue an appraiser?

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Post Posted: Fri Dec 30, 2011 10:54 am    Post subject: can you sue an appraiser?

My husband and I are in the process of buying a home. We found a home and made an offer for 205k they accepted. This home is bank owned. An appraiser came in after we payed to have a home inspection. He appraised the home to be worth 177k. now we cant get the home because we dont have 28k cash. We know for a fact that the same homes in the area that have sold recently are worth around 190k and are dumps and this home is newer and very nice. What can I do? because i think the appraiser is making a false appraisal.
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Icon Mini Profile chrisgummerson
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Post Posted: Fri Dec 30, 2011 11:59 am    Post subject:

Appraisals are completly opionated. Each one may vary by a certain degree. If you are confident that there are comparables that justify a higher appraised value, that are close to the subject, comparable, and sold within last few months, then you should document those comps and send a rebuttal to the appraiser for review. If the value is supportive, then the appraiser should make adjustments. Other wise, most lenders will not allow you to get a second appraisal. So if the appraiser does not work with you, your only option would be to go to another lender. Good luck!
Chris Gummerson
Bay Valley Mortgage Group
Icon Mini Profile adonis

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Post Posted: Fri Dec 30, 2011 8:25 pm    Post subject:

Hi bojawilk,

I completely agree with the opinion of Chris. Every appraiser will have his/her own opinion about the value of the property. If you feel that something is wrong, then you can definitely ask for a rebuttal to the appraiser for review. In case, the appraisal comes back the same for the second time, contact some other lender for your loan.

Procrastination is the enemy of your financial success

Post Posted: Sat Dec 31, 2011 5:13 pm    Post subject:

>>now we cant get the home because we dont have 28k cash

You have 3 options:

1 - do as Chris said, rebuttal the appraisal (work with your Loan Officer for that)

2 - get another appraisal

3- Have the seller reduce the selling price.
Icon Mini Profile tomburris
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Post Posted: Sun Jan 01, 2012 7:39 pm    Post subject:

you can sue anyone.....

but you will likely lose. as an appraisal is one person's 'opinion'

Tom Burris
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Icon Mini Profile alvinajohn

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Post Posted: Sun Jan 22, 2012 3:12 am    Post subject: re

bojawilk i experienced same situation recently. where i thought the appraiser is giving a low appraisal but after meeting another my doubt was washed. why you want to sue? just change your appraiser if you are uncomfortable!
Icon Mini Profile johndzialo

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Post Posted: Tue Jan 29, 2013 2:47 pm    Post subject:

i am agree with chris and alvina.
Just change your appraisal if you have some doubt on him.
Consult with other appraisal.
Or rebuttal the appraisal.
Every appraisal has his/her own opinion.
Do what your mind say.

John Thomas Dzialo
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