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EagleRiver Alaska
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 smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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apexoffice
Moderator
Joined: 09 Jul 2008
Posts: 193
Location: Atlanta, GA
56.04 Dollars($)
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Posted: Tue Mar 22, 2011 9:19 am Post subject:
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You can try talking to an attorney, but most likely they will tell you that the case is pretty weak. For example, you say that you, your lender, and your real estate agent disagree with the value. The problem is that none of the people you just named are disinterested third parties. You would need multiple measurements done by disinterested third parties to prove negligence or improper methods by the appraiser on how the property was measured. Then you would need an additional appraisal completed by another appraiser (disinterested and an experienced expert witness) to show the difference in value opinion as well as evidentiary support that shows 200 square feet is a $20,000 adjustment in your market.
The bottom line is that the appraisal is an opinion. Another appraiser is allowed to have a difference of opinion and there is nothing illegal about it. The only area the law can help is if the appraisal was fraudulently completed, meaning that it was done with the intent to mislead you, or if there was negligence or incompetence on the part of the appraiser. All of these are very difficult to prove. After all of that, for now, your only financial loss is the appraisal fee.
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Benjamin Smith
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1189
Location: Irvine, California
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brenda raymond
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raymond
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Joined: 03 Jul 2009
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gmakerley
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Location: bloomfield, ct
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Posted: Mon Aug 29, 2011 8:44 am Post subject:
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A diatribe, no doubt...but "clown" and "buffoon" seem a tad strong. Was he wearing a big red, fake, nose? How did the appraiser obtain a copy of the appraisal done for the refinance? That sounds truly odd.
I doubt highly that a letter to DC is going to stir up any sympathy for you. Maybe the real buffoon was the appraiser who told you that the value of your home was $240K. Can you truly look out there and see properties that are comparable to your own that are selling in that range...and has it been recently?
I don't mean to rain on your proverbial parade, honestly. But we all know that appraisers don't agree in every case with other appraisers. What about the realtors who you may have spoken with? Are any of them on board with $240K or on board with $190K?
As for his behavior, there's no excuse, and that ought to certainly warrant a complaint letter. Will it result in much of anything, though? I doubt it, because these attributes are awfully difficult to document and prove, unless there's a precedent already established with regulators.
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George M. Akerley
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