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can you sue an appraiser?

My husband and I are in the process of buying a home. We found a home and made an offer for 205k they accepted. This home is bank owned. An appraiser came in after we payed to have a home inspection. He appraised the home to be worth 177k. now we cant get the home because we dont have 28k cash. We know for a fact that the same homes in the area that have sold recently are worth around 190k and are dumps and this home is newer and very nice. What can I do? because i think the appraiser is making a false appraisal.

chris-gummerson's picture
chris-gummerson | Joined: April 29, 2010 04:04 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Appraisals are completly opionated. Each one may vary by a certain degree. If you are confident that there are comparables that justify a higher appraised value, that are close to the subject, comparable, and sold within last few months, then you should document those comps and send a rebuttal to the appraiser for review. If the value is supportive, then the appraiser should make adjustments. Other wise, most lenders will not allow you to get a second appraisal. So if the appraiser does not work with you, your only option would be to go to another lender. Good luck!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bojawilk,

I completely agree with the opinion of Chris. Every appraiser will have his/her own opinion about the value of the property. If you feel that something is wrong, then you can definitely ask for a rebuttal to the appraiser for review. In case, the appraisal comes back the same for the second time, contact some other lender for your loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

>>now we cant get the home because we dont have 28k cash

You have 3 options:

1 - do as Chris said, rebuttal the appraisal (work with your Loan Officer for that)

2 - get another appraisal

3- Have the seller reduce the selling price.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

tomburris's picture
tomburris | Joined: October 3, 2007 09:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can sue anyone.....

but you will likely lose. as an appraisal is one person's 'opinion'

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

alvina.john's picture
alvina.john | Joined: December 25, 2011 01:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

bojawilk i experienced same situation recently. where i thought the appraiser is giving a low appraisal but after meeting another my doubt was washed. why you want to sue? just change your appraiser if you are uncomfortable!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

johndzialo1's picture
johndzialo1 | Joined: August 21, 2012 02:18 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am agree with chris and alvina.
Just change your appraisal if you have some doubt on him.
Consult with other appraisal.
Or rebuttal the appraisal.
Every appraisal has his/her own opinion.
Do what your mind say.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

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