Posted on: 14th May, 2009 09:53 am
My fiance and I are buying a foreclosure house. We are buying it for 109,900. The appraisor took at least two weeks to see the house and then the appraisal came in at 124,000. No problem, BUT the apprasier noted things wrong and did not attach sufficient comps. My mortgage company said the appraiser had to fix the appraisal and give recent comps. The appraiser had to go back to the house many different times because of his incompetence. Because of all of this wasted time we are now pressed for time and may lose the house to another buyer if the seller chooses. I KNOW the appraiser did not do his job correctly. If we lose the house could we sue him? :x
are you working with a realtor? i hope so, as that person would be working on your behalf to obtain any extensions that might be necessary. suing the appraiser isn't much of an option, i don't think. i'm no expert in how the courts work, but it's my opinion your case wouldn't work. go for an extension on the purchase. the bank isn't trying to put the home back on the market again, and you are a live buyer, so they'd probably be amenable to the extension.
you realy cant sue since an appraisal is basicaly an opinion but you can go to the appraisal board if you think you have been trated unfairly
