Appraiser Marked Private Septic And Well As Public

[Huds_Harm]

The appraiser does not work for you. The appraiser works for the bank. The bank is not liable for repairs on your home. The home inspector and your real estate agent work with you to protect you from houses that have issues like this one. Your agent can bring the other agent together and if they are Realtor members they both agree automatically to go to mediation. During mediation, you will describe that the property was not disclosed honestly and the septic needed repair. Then the person who actually cheated you can pay for it and if the agent knew, they are liable. Regarding an error on the appraisal, the disclosure was not on the contract, because obviously it is evidence that they did not disclose this problem. GO TO YOUR AGENT AND SELLER, we have nothing to do with it other than if you default on your loan that was over valued appraised. This is called damages, but if you pay your mortgage, there is no loss to the bank. If somehow you made the grave mistake of not having representation, you may have to sue them to recover your loss. Look on the contract, does it say Realtor? If it does you can get your money without going to court. Did the contract say "as is?"

The property was disclosed properly. The appraiser either by mistake (which is why they are required to have e and o insurance) or on purpose overlooked that in order for the loan to fund. While the appraisal was performed for the bank, it was for my benefit. She had a duty to perform the required FHA tests and did not. Realtors are not required to know FHA MPR. However I have seen that everyone involved in the transaction can be forced to contribute to damages.

 

[Sadie]

Correct. In order for the loan to close it would have been required to be replaced OR guess what? I wouldn't have purchased this house.

But as you have stated, it was working fine at the time of purchase. As much as all of us would like, none of us can see into the future.

 

[Sadie]

The property was disclosed properly. The appraiser either by mistake (which is why they are required to have e and o insurance) or on purpose overlooked that in order for the loan to fund. While the appraisal was performed for the bank, it was for my benefit. She had a duty to perform the required FHA tests and did not. Realtors are not required to know FHA MPR. However I have seen that everyone involved in the transaction can be forced to contribute to damages.

The report is not for your benefit. Its only use (in this case) is to assist in establishing collateral value for a loan.

 

[Meandering]

The property was disclosed properly. The appraiser either by mistake (which is why they are required to have e and o insurance) or on purpose overlooked that in order for the loan to fund. While the appraisal was performed for the bank, it was for my benefit. She had a duty to perform the required FHA tests and did not. Realtors are not required to know FHA MPR. However I have seen that everyone involved in the transaction can be forced to contribute to damages.

So,
the home inspection, by a licensed inspector, for an FHA loan, did not find a well and septic that did not meet the requirement standards either and did not state that the system could fail if not maintained?

Only the lawyers will make money on this one.

.

 

[Amy Perkins]

The property was disclosed properly. The appraiser either by mistake (which is why they are required to have e and o insurance) or on purpose overlooked that in order for the loan to fund. While the appraisal was performed for the bank, it was for my benefit. She had a duty to perform the required FHA tests and did not. Realtors are not required to know FHA MPR. However I have seen that everyone involved in the transaction can be forced to contribute to damages.

You knew it was messed up and now you want someone else to pay for it? What a scam.

 

[Huds_Harm]

You knew it was messed up and now you want someone else to pay for it? What a scam.

It's more likely the seller "knew" and incentivized the appraiser to mark it public to avoid the requirements. I agree such a scam.

 

[Huds_Harm]

But as you have stated, it was working fine at the time of purchase. As much as all of us would like, none of us can see into the future.

I don't recall saying it was working fine at the time of purchase. I do recall seeing an appraiser mention how is anyone to know if the home is and has been vacant. None of us can see in the future, but an appraiser can own a measuring tape and perform their duty as required that would have prevented this.

 

[Huds_Harm]

The report is not for your benefit. Its only use (in this case) is to assist in establishing collateral value for a loan.

You forgot the second use, to establish the property meets minimum property requirements. Good night.

 

[Amy Perkins]

You forgot the second use, to establish the property meets minimum property requirements. Good night.

The appraiser is not a home inspector, the minimum property requirements for your government funded loan. It is not for your protection or use and it's not covered under our insurance.

 

[Terrel L. Shields]

The property was disclosed properly.

Then you did not act upon that with due diligence. The appraisers failure does not absolve you from acting upon the information you have regarding the property. Go ahead and sue and you stand an excellent chance of having a legal bill or 2 added to the cost of the septic.