Posted on: 22nd Aug, 2010 09:53 am
back in 2007 i refinanced my home! the appraiser that appraised the house from 89000 up to 200000. the house was being remodeled at the time and not finished but he still upped the value to the 200000 just wondering if i might have some recorse.
Hi jjooe5,
Unfortunately, you have not given us enough information to answer your question. Just because the appraiser developed an opinion of value higher than what you believe it was, is not grounds for recourse. It may also be possible that the appraisal was completed subject to the completion of the renovations. There are several factors that come into play. The only legal recourse is fraud which requires you to prove that the appraiser "intentionally" lied in the appraisal to mislead the client. Keep in mind, the value is only an opinion and is not grounds for legal action on its own.
Unfortunately, you have not given us enough information to answer your question. Just because the appraiser developed an opinion of value higher than what you believe it was, is not grounds for recourse. It may also be possible that the appraisal was completed subject to the completion of the renovations. There are several factors that come into play. The only legal recourse is fraud which requires you to prove that the appraiser "intentionally" lied in the appraisal to mislead the client. Keep in mind, the value is only an opinion and is not grounds for legal action on its own.