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Bad appraisal

Posted on: 07th Feb, 2013 06:26 pm
I was about to purchase an Oakwood manufactured home ( new) and about a half acre to put it on. The cost of the home was 117000.00 and the cost of the land was 35,000. The land prep cost was approximately 50,000 for a total of 209000.00. The dealer asked for a blank check for the lender's records which they then wrote out for 450.00 for an appraisal without my approval. The appraisal we were given was totally bogus. It was done by somone Oakwood has on retainer. The photograph of the property wasn't even our lot. The appraiser certified that he personally went through the house on December 10, however the model home had been sold and moved 4 months prior and was not available for inspection in December. The appraiser wrote a narrative stating that the kitchen and bath in the "subject property" ( the home we hadn't even ordered yet) had been "remodeled within the past 12 months" ! He then proceeded to estimate the worth of the purchase at $266,000 and our loan was to be $265000! this was 56000 over our original loan amount! We found out just in time that the land had failed 2 prior perc tests, thus we canceled the contract. We were refunded the "earnest money" but would like to get our 450.00 back for the appraisal based on the errors in the appraisal. How do we do this?
Welcome Isslewis,

You may contact the appraiser and try to get back the money. But I don't think it will be easy for you to get it back.
Posted on: 07th Feb, 2013 08:50 pm
You are trying to get back the money that you spent for appraisal purpose. One thing you need to keep in mind that it really involved some costs for doing the appraisal.
Posted on: 07th Feb, 2013 09:11 pm
I think my big problem is that the appraiser took pictures of the WRONG property, and included them in the appraisal I paid for. Did he even SEE my property? Then he said he actually toured our model home on a particular date when we KNOW that was impossible. Yes I realize some expense was incurred , however the appraisal is based on falsifications.
Posted on: 08th Feb, 2013 08:04 pm
Hi Isslewis,

You may take legal actions against the appraiser. Get in touch with an attorney and take his opinion in this regard.

Thanks
Posted on: 10th Feb, 2013 08:39 pm
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