appraisal gone wrong???

Hi lori,

I can understand that the appraiser has not appraised your property correctly and as a result of this, you are unable to sell off the property. You can ask the appraiser to appraise the property correctly for you once again. As far as I can understand, you can be able to sue him. You can contact an appraisal fraud attorneys and check if they are ready to help you in this case.

Thanks

i refinanced 2 years ago and everything went through fine, but later i found out that the appraisal is totally the wrong house, no where near my home and know i can not sell or do any equity loans, he put the house thousands of dollars above the value

Hi Carol,

I think it's the fault of your appraiser. It would be better if you can contact an attorney regarding this and he will be the best person to tell you what you need to do in this case. If possible, you will be able to sue the appraiser.

Thanks

When we bought the house it has 2 connected lots withing the property, the appraiser only wrote down the dimensions of one of them. Our property would have been worth more, and we would be 80 % ltv. What can we do. Can we make him redo the appraisal?

Hi Oshea,

If you are not satisfied with the appraisal, you can ask him to redo it. You can even contact a new appraiser and ask him/her to do the appraisal for you.

Thanks

Oshea,

You have a very common scenario. The appraisal can be done using both lots, BUT it does come with strings attached. Because they are currently parceled seperately, in order to include a seperately parceled lot, the appraisal would have to be subject to a hypothetical condition that the lots are combined in an assemblage.

It has been my experience that most lenders do not like hypothetical conditions but it would be up to the lender if they are willing to accept it like that. Most lenders require that the appraisal only include the parcel where the dwelling sits. I would start with the lender and see what can be done.

I bought and apartment, trusting that the bank review the appraisal report before the loan is approved, when I rty to sell it I found out that no other properties in the area were sold by that price, and the onwers of the complex bought some units to set the price, an as a maater of fact one of them was use as a comparable, the otherone was not showing as yet as a close sale, the contributions were not disclosure in the report, and he also put that was for owner occupied when the loan was done as an investment property, the year put in the report was wrong too and the properties being sold was not was not the right amount, and he also said that they were owner occupied when all the properties in the tax record were showing that those people were living in another address, and the contribution was not disclosure as well, base in all the fraud on the appraisal report this loan should never be approved, where should I go to make this people responsable of what they did?

thank you very much for your help

Only place is court but not sure even if you cna prove anythign and it will be too long

The market is like this becuase of such deals and apprisals in the first place

These kind of shonky practices and lose controls are what has given the property development industry such a bad name.

Between sub standard material, dodgy contractors and kickbaks to local authrourities to get building passed which shouldn't it's no wonder theres so much trouble.

Lori, out of interest did you get an independent valuation before buying or did you simply accpet the vendors one at face value?

Lori, did you contract this valuer and pay his fee? If so then there is probably some sort of action you can take against him.

If the appraisal was commisioned by the lender, then they could probably take action against him for overrepresenting the value of your property, but I have to say it's not normally the case that someone wants to sue a valuer for saying their house is BETTER than it actually is.

Just because you think the Appraisal is wrong does not make it so. You have offered your opinion, but that is your opinion and perhaps not shared by everyone. Perhaps the Appraiser is wrong, but some consumers incorrectly are told by others what there homes size includes like basements, porches, patios, garages and balconies which would be wrong, wrong and wrong to include in the GLA Gross Living Area. If you though the Appraisal was wrong two years ago, why didn't you say something then. Some people do not say anything because they got the loan they wanted and that was all they cared about at the time. Lot size differences do not always equate to value differences. If there are not sales from which to extract differences from a paired sales analysis, it may not have been justifiable at the time to draw the analogy need to make an adjustment, the market is ever evolving, so what the market tells us know is different than two years ago and it is also predicated on the data that is available at the time. Additional errors from GLA are sometimes due to the incorrect inclusion of cathedral area, like a two story foyer, is only one story of floor area to include in GLA, but adds to cubic feet NOT GLA. Some porches are finished, but not heated or finished inferior and heated, areas have to be 100 percent above grade on all four sides, not 1 or 2, but all four and must be heated and finished in a manner equal to or better than the central living areas of the home or they must not be included in the GLA. There are some Appraisers that do not incorrectly understand that, but more often the problems come from assessors, realtors, builders, etc.. that lie through their teeth or simply do not understand what they are doing or call it square feet, not GLA. Square feet can be anywhere, where Gross Living Area is very, very specific.

i had my house appraised last year it came at 68,000. a year later and extensive renovations later we got it appraised again to refinace. The age on the house was put at 20 years older than it actually is, my land taxes say my land value is 22,000 this appraisal says its worth 800.

Welcome tara,

If you feel that your appraisal has gone wrong, then you may hire an independent appraiser and check out the exact value of the property.

that's true, adonis, but not sensible for tara to do, i believe. getting her own appraisal isn't going to work in terms of helping obtain a refinance. no lender would be willing to accept the new report, since it would be one odered through her own hands.

it would be better, at first anyway, for her to check out zillow and trulia sites to see if she can get a (definitely vague) property value there; and also to contact a realtor to try to obtain an analysis of her property's worth.