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appraisal mistakes

Posted on: 04th Nov, 2009 01:36 pm
we recently tried to sell our home to our daughter by gifting her tha equity in the home,so she would have enough for the down payment.first we were told by u.s.bank mortgage lender that she could get the 8000.00 tax break, when we looked into it further ,she would not be able to qualify. they had already taken her money for the appraisal and since it came in too low, another reason not to trust u.s. bank. my question is ,can i recover the money if the name of the borrower is diferent than the loan approved name? also there were many other mistakes in the appraisal.
Battycat,

First of all, I am not sure why you would not trust U.S. Bank just because the appraisal was below what you think it should be. They have no way of knowing the outcome until they get the report back.

But to answer your question, the only way you could argue for a refund or at least a partial refund is if there are specific errors which have a significant impact on value. A wrong name may be a typo or oversight which could be corrected and re-submitted. The name would have no impact on the appraiser's opinion of value. Keep in mind the fee for the appraisal is for the service of providing the opinion of value. Any errors can be corrected and re-submitted but usually do not warrant a refund.

With that said, it is still a business and the owner makes business decisions. It may be worthwhile if you can bring a good argument.
Posted on: 04th Nov, 2009 06:30 pm
>>can i recover the money if the name of the borrower is diferent than the loan approved name?

No, that can be easily resolved.

>>also there were many other mistakes in the appraisal

Were they significant enough to impact the Value? If yes, your Loan Officer could have reviewed the mistakes with the Appraiser.

And if the mortgage was Conforming, you could have gotten another Appraisal (and you still can). But not if the financing is FHA or VA.

>>when we looked into it further, she would not be able to qualify

Why? What was their explanation?
Posted on: 08th Nov, 2009 10:18 am
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