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Posted on: 25th Oct, 2009 03:16 pm
Our appraisal came back low because the appraiser made a typo on the lot size that cost us several grand making a big difference in ltv. Are you charged again for the appraiser to fix it when it is very obvious it was a misread or typo? Our mortgage people say there would be another charge.
your mortgage people are apparently fools. forgive me for being so blunt, but a simple correction by the appraiser ought to be just that - simple. there ought to be no cost to you for an error made. where did you find these people?
Posted on: 25th Oct, 2009 08:15 pm
Hi Merv,

Charging for such an appraisal would vary from lender to lender and would depend upon their policies. You can try and negotiate with your lender in order to check out if he can reduce the charges for you as it was the appraiser's mistake.
Posted on: 25th Oct, 2009 08:27 pm
much respect to you adonis, but i stand by my claim that the lender in this case is misguided to say the least. there's no way there should be a charge to a borrower for a correction of the appraiser's error.
Posted on: 25th Oct, 2009 09:01 pm
I agree with you George that the lender should not charge the borrower for another appraisal as it was the appraiser's mistake. I think the poster should definitely negotiate with the lender for a charge free appraisal first. But what if the lender is determined on charging the borrower for another appraisal? In that case, I guess, negotiating for a reduction of the charges would be a good idea. What do you say?
Posted on: 25th Oct, 2009 09:12 pm
the poster needs to kick his complaint up a notch. there's no way in earth that he ought to have to pay for someone's foolish mistake - especially for a whole new appraisal report. that's one of the most ridiculous things i've come across in this industry. i'd love to have a conversation with the clown who is proposing this all to the borrower.
Posted on: 26th Oct, 2009 06:37 am
Thanks for your advice.
Posted on: 27th Oct, 2009 06:30 am
i wish you well, merv. you're welcome.
Posted on: 27th Oct, 2009 08:16 am
As an appraiser, it would not make very much business sense to charge someone for my own mistake, especially one which had a significant impact on value. If they are really charging you for just for the appraiser to fix a mistake, it dosn't sound like the appraiser but more likely some middleman wanting more money.

It may also be that the original appraiser would acknowledge the typo, but claim that it does not have an impact on value. Then you would need another appraisal just to dispute it. That will cost money because someone needs to pay the new appraiser. It would not be the new appraiser's fault that the first appraiser made a mistake.
Posted on: 27th Oct, 2009 09:01 am
surely there is a professional negligence aspect here is the purchaser suffers a financial loss (such as having to pay additional fees) as a result of an error by the appraiser? One would expect that a resonable lender and a reasonable appriaser could get this straightened out bvery quickly and simply - can't someone just put the relevant people on the phone to each other to sort this out?

If anyone should be payuing fee's it's got the be the person who made the mistake.
Posted on: 11th Nov, 2009 05:42 pm
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