Posted on: 23rd May, 2011 08:34 am
I recently purchased a house that is considered a single family residence. It was listed as a condo. My agent requested an appraisal for a single family residence, but the appraiser submitted it as a condo. The attorney for the lender found the discrepancy and another apppraisal was ordered. This pushed my closing off for 22 days and I was charged a per diem by the seller for this time. The appraisal company also charged me an additional fee for the new appraisal. Can I sue the appraiser and lender for the per diem I had to pay out and for the additional appraisal?
The short and easy answer is a yes. It is quite an unusual situation that the appraiser failed to properly determine the type of property ownership rights, unless of course the appraiser relied on a deed that was improperly marked. Then it is not necessarily his fault.
One piece of advice though, depending on the amount of per diem and the cost of the appraisal, it may not be worth the cost of a law suit unless you are doing it out of principle. The lender's attorney especially can draw this out until the legal fees greatly exceed the costs you incurred.
I would advise getting any further advice from an attorney.
One piece of advice though, depending on the amount of per diem and the cost of the appraisal, it may not be worth the cost of a law suit unless you are doing it out of principle. The lender's attorney especially can draw this out until the legal fees greatly exceed the costs you incurred.
I would advise getting any further advice from an attorney.
That's a reasoned and appropriate response to the question. I'd have to wonder who in the process mislabeled the property as a condominium.
Of course, in terms of lawsuit and damages, I'm fairly certain that the fees involved couldn't have exceeded minimums as established in Small Claims Court, so even the ministrations of the lender's attorney wouldn't put an excessive strain on the proceedings, I'd think.
You'd have to have pretty good documentation either way, not only concerning the delay and penalties assessed, but also efforts you may have made to rectify the situation throughout the process.
Of course, in terms of lawsuit and damages, I'm fairly certain that the fees involved couldn't have exceeded minimums as established in Small Claims Court, so even the ministrations of the lender's attorney wouldn't put an excessive strain on the proceedings, I'd think.
You'd have to have pretty good documentation either way, not only concerning the delay and penalties assessed, but also efforts you may have made to rectify the situation throughout the process.
