Can you sue a appraiser?

bnsglover · Joined: 04 Jan 2009 Posts: 1 1.49 Dollars($)

I bought land a year and a half ago. The lady I bought the land from got a appraisal done on the land. It appraised for 20,000. and on the appraisal the other three pieces of land that are up there to compare to mine. they appraised at 13.000. At the time me and my husband did not know what to do she said we either buy it or move my home. The picture on the appraisal does not match my land but they claim that part was a mix up. (I know you wondering why we bought it but six months prior the same thing happened and we can keep paying 3,000 to 4,000 to move) I think they just wanted to take advantage of two young kids. Is their anything I can do?

smithsussane · Posted: Sun Jan 04, 2009 7:17 pm Post subject:

Hi bnsglover!

Welcome to forums!

As far as suing the appraiser is considered, yes can definitely sue him but you should have proper documentation that the appraisal was not done properly. You can take the opinion of another appraiser and also consider taking the advice of an attorney.

Feel free to ask if you have further queries.

Sussane

apexoffice · Posted: Mon Jan 05, 2009 8:45 pm Post subject:

In order to sue the appraiser, you will need evidentiary support that the appraisal was done unethically, whether bias or incompetence. My advice would be to have the previous appraisal reviewed by another appraiser. The appraiser you select should be one that specializes in litigation support and expert witness testimony. Based on the results of the review, you can make the decision to discuss your case with an attorney. The attorney may even advise that you get yet another valuation based on the retrospective date of the previous valuation from another appraiser. Again the appraiser should be experienced in litigation support and expert witness testimony. This time the appraiser may even be selected by the attorney. The idea is to have more than one unbiased opinion that may refute the opinions of the first appraiser.

Keep in mind that the value in the appraisal is only an opinion based on the market interpretations of the appraiser. One opinion versus another is not always enough. You will need evidence that the appraisal was done using inappropriate methods and that the appraiser purposely mislead you to believe something that wasn't true.

Guest

I was given a family home that was in great need of repair and went though a morage company to get a home equity loan. The house was appaised at 79,000.00 but I did not get that much money. Anyway I did not have a fixe rate and the payment went to over 1300.00 a month. The house was forclosed on and me and my husband had to move. Since all of this has happened the house has been sold but was sold for 19,000.00 Now the morage company is coming after me for the difference. It was a 2 1/2 years for the time of the morage until I lost the house and a lot of work was done to the house. Can I sue the appraisel company for the bogus appraisel?

apexoffice · Posted: Wed Mar 18, 2009 7:56 pm Post subject:

Stacia,

What is it about the appraisal that was bogus? So far I don't see any grounds for a suit against the appraiser.

Guest

My husband I are buying a repo. house that sold for 400,000 within two years ago. We are buying it for 160,000. The appraisor took almost two weeks to see the house and then the appraisal came in at 160,000. no probalem, really, but the apprasier didn't attchaed sufficient comps. My mortage compay found 6 comps and two were right at the number, but 4 were in the 200,000. Because the appraisal didn't have the comps. the mortage co. is ordering a new appraisal but with all of this wasted time we are now pressed for time and may lose the house to another buyer if the selling bank chooses. Did the appraiser do his job correctly? If we lose the house could we sue him?

gmakerley · Posted: Wed May 06, 2009 1:36 pm Post subject:

it seems like the appraiser made a mistake. it also seems that the lender, rather than having the appraiser correct the mistake, is going in an opposite direction with this new appraisal.

can you sue? sure, why not? don't we americans sue everyone we get a chance to? will you win? who knows? but half the fun is in the suing, isn't it?

sorry, that was facetious. but a more realistic proposition is to try to extend your purchase contract so you'll have enough time for the lender to make a decision and allow you to eventually buy this home.

Guest

I would like to know the statue of limitations on sueing an appraiser. He lied to the lender about the condition of the house and over appraissed it. Same with the broker. I had my house all and paid for and was suckered into a loan can someone give me some information. please let me know what I can do

[E-mail address deleted as per forum rules. Thanks.]

gmakerley · Posted: Tue Nov 17, 2009 9:22 pm Post subject:

sunshine i hope your having given out your email address doesn't bring the creeps out after you.

i don't know anything about statutes of limitation, i'm afraid.

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