Posted on: 04th Jan, 2009 04:18 pm
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?
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
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
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.
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.
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?
Stacia,
What is it about the appraisal that was bogus? So far I don't see any grounds for a suit against the appraiser.
What is it about the appraisal that was bogus? So far I don't see any grounds for a suit against the appraiser.
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?
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.
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.
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.]
[E-mail address deleted as per forum rules. Thanks.]
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.
i don't know anything about statutes of limitation, i'm afraid.
oh yes, you can go sue him for the under standard process and lying to you about the truth. Talk to a trusted lawyer for the case to get started.i hope that you get justice about it.
here's the american standard for lawsuits:
anyone can sue anyone else for anything at any time and in any amount.
that doesn't mean the suer will win, of course; but many of the suits filed will clog up our courts for far too long.
anyone can sue anyone else for anything at any time and in any amount.
that doesn't mean the suer will win, of course; but many of the suits filed will clog up our courts for far too long.
We are relocating thru government program, part of the process is our house appraise by 3 appraisal, if two appraisal is within distance they will adjust a 5% and offer us the difference; one come up with $269,000 and Appraisals two come up with 240,000, but instead of compromising the 5% margin, in relocation conversation was written attached sounds like they have suggested appraisal one to used another competing listing, so appraisal one will adjust her price to 240,000, Which appraisal one did adjust her price to 240,000, My question is the competing listing they used to justify the change was the house for sale on our street that was been listing for 199 days there was no comparison at all in GLA base two difference. We have pool and our backyard was landscape. Was I being screw up with relocation? I have tried to request the 3rd appraisal since they never show it to me yet.
You can sue anyone, for anything, the only question is whether or not you will be successful in doing so.
Rel appraisals are typical expected to be within 5%, that is normal for the industry and one sale or one listing does not make a market. The preponderance of evidence is what the Appraiser is interested in, and remember a Relo Appraiser is not and never has been to find the market value, it is to find what they call Anticipated Sales Price. Anticipated Sales Price is different than market value. Normally, clients requesting an ERC Summary Appraisal Report require that the Appraiser use forecasting to indicate the value at which the subject property is expected to sell in a time period into the future, not to exceed 120 days. Common sense will tell you that this means a far deeper study of what is going on with the competition, competing listings on the market and available for purchase as well as recent sales in the market place. Often times in todays market, normal marketing time which is what is required for market value can easily be a year or more, so if that is the case, when Anticipated Sales Price is required in a time period not to exceed a year, you can expect a wide margin of difference, a discount is made. You can have two very different values one for market value and one for the anticipated sales price and they can both be correct for the value of the subject property in question. GLA while is certainly an important indicator of value, is not the only one in it of itself. Architectural style, age, construction quality, location, location, location, condition, terms of sale, number of bedrooms, number of baths and multiple other variables must be considered before yielding an opinion of what is and what is not comparable. To homes identical in size or nearly identical, but a 100 years a part in age and located next door to one another, are probably NOT comparable homes in most cases. Most relo Appraisers work extremely hard at being as accurate as possible, which in this market is very tough in many areas. The Appraiser wants repeat business from the relo company and the relo company wants Appraisers that come very close to the ultimate sales price of the property, there is absolutely no reason why a good Appraiser would want to be anything else other than accurate.
Rel appraisals are typical expected to be within 5%, that is normal for the industry and one sale or one listing does not make a market. The preponderance of evidence is what the Appraiser is interested in, and remember a Relo Appraiser is not and never has been to find the market value, it is to find what they call Anticipated Sales Price. Anticipated Sales Price is different than market value. Normally, clients requesting an ERC Summary Appraisal Report require that the Appraiser use forecasting to indicate the value at which the subject property is expected to sell in a time period into the future, not to exceed 120 days. Common sense will tell you that this means a far deeper study of what is going on with the competition, competing listings on the market and available for purchase as well as recent sales in the market place. Often times in todays market, normal marketing time which is what is required for market value can easily be a year or more, so if that is the case, when Anticipated Sales Price is required in a time period not to exceed a year, you can expect a wide margin of difference, a discount is made. You can have two very different values one for market value and one for the anticipated sales price and they can both be correct for the value of the subject property in question. GLA while is certainly an important indicator of value, is not the only one in it of itself. Architectural style, age, construction quality, location, location, location, condition, terms of sale, number of bedrooms, number of baths and multiple other variables must be considered before yielding an opinion of what is and what is not comparable. To homes identical in size or nearly identical, but a 100 years a part in age and located next door to one another, are probably NOT comparable homes in most cases. Most relo Appraisers work extremely hard at being as accurate as possible, which in this market is very tough in many areas. The Appraiser wants repeat business from the relo company and the relo company wants Appraisers that come very close to the ultimate sales price of the property, there is absolutely no reason why a good Appraiser would want to be anything else other than accurate.
guest, your last sentence actually tells the whole story. i am in agreement with you; a professional appraiser would have no reason to be anything else but accurate. thanks for your input.
This will served justice to us
Your reply served justice for us.!
Thank you
Angel
Thank you
Angel