wrong house appraised

Hi hassieann,

You should contact the appraiser and the lender and inform them about the situation. I'm sure that the lender will consider your situation and he might order a second appraisal which may help your buyers to get a loan.

Thanks

not a problem.
the loan will be re-instated and underwritten again with a new appraisal.

you have only lost a couple of days. get them on it now

a couple of days can mean a lot in the Real Estate market, the buyers could have already found another house. Something cheaper or something they like better, causing the appraiser to be the reason that the house did not sell, or if it still goes through, it is still frustrating knowing the buyers will now be looking for something else and pondering whether or not in the meantime they do find something else.

So I suggest finding out why they went to the wrong house in the first place, was it because the buyers gave them the wrong address or was it another reason? I rarely suggest suing someone because lawsuits can be costly, but if the sale doesn't go through because of their ignorance, I'd definitely suggest contacting a Real Estate attorney and filing a lawsuit against the appraisers.

If the sale still does go through I'd still ask them for some kind of money or something for their lack of knowledge of what they did when going to the wrong house. I just can't even imagine that happening, but I suppose it does. Best of luck and please keep us informed on what happened and if you did sell the house.

Thanks

i am sure that the seller was ok.... like i said...... they lost a couple of days.

asking for money? whatever?

A couple of days in the Real estate world means a sale or no sale - so I take that as a high consequence even though you are looking at it from a perspective of other things. I just have to disagree because I think in the Real Estate world a few days is a big thing.

Also yes, if they messed up THIS BAD... why should they not be held responsible? I mean it isn't like they said the houses square foot was 2 feet off or something, or even that they missed to put down one bedroom, they totally missed the house and went to one across the street. This is no minor error and I think should be rewarded with something, maybe an attorneys insight would be better for this though.

Tom, I don't see you coming back to comment since your notation of the loss of "a couple of days" above.

Unfortunately, I think you erred in the reading. It's eminently clear that the buyer in this instance was denied the loan request due to the property being uninhabitable. That's a whole lot more serious than a couple of days of lost time.

I'll reserve comment on the thought of some kind of compensation - that's more appropriately discussed with the assistance of legal counsel - the occurrence here is pretty serious, as noted by Noenoe. If I'm the owner of the true property, I think I'd be in my lawyer's office post-haste to see if I could get some sort of compensation for the grievous error.

Sorry...just realized I wanted to add this comment.

We don't know whose fault it was - the lender may have provided the appraiser with the incorrect information, or maybe they hired Mr. Magoo to do the field work.

No matter who's at fault, though, this is the kind of thing that ought not to go without being dealt with fairly.

I have been appraising for 14 years. The appraiser should of did his/her due diligence. It is required that appraisers verify the information the imformation contained in the appraisal. The sad thing about this that at the top of page one it line two it reads after borrower Owner of Public Record. This information is verified through county assessor, recorders and treasurers office. I always check two sources independent of who is named on the sales contract. My guess is one or more of things may have happened, the lender provided the wrong address, the contract has the wrong address listed or the appraiser mis-read the address went to the wrong house did not do their due diligence so they did not catch their mistake. However in may opinion the appraiser did not do their due diligence otherwise he/she would have realized that they inspected the wrong house. Before I go on an inspection I research owner and property records to avoid a rookie mistake like going to the wrong house even if I didn't check first I would have discovered my mistake by doing my due diligence and correct it before submitting it to the lender.