Claim on Appraiser's E & O

[toddmallard]

http://www.lawguru.com/cgi/bbs/mesg.cgi?c=17&l=all
http://forum.freeadvice.com/forumdisplay.php?f=60
http://www.lawforum.net/
http://forums.redfin.com/rf/board/message?board.id=Boston&message.id=344
http://implode-explode.com/forum/viewtopic.php?t=76686&sid=dc785a9f0fdab84f4d0db6f8d1bbf607

Heres a few.

 

[chad hampton]

From my discussions with my E&O provider, I doubt they would get involved.

What exactly did you lose? You still have the house, don't you? You have to show some sort of loss. The fact you didn't sell your house isn't a loss.

I'm sure I don't have the whole story, but it doesn't seem like something that should see a courtroom.

 

[Lobo Fan]

Minor discrepancies in square footage rarely make much of a difference. Many appraisers make zero adjustments for differences under 50 or 100 feet. Also, the dollar per square foot adjustment is rarely equal to the sales prices. The adjustment is just for the structure, so the land value plus site improvements are deducted. Then the remaining number is adjusted to reflect market reaction, usually 40-60% of the remaining number. So though your house may have sold for $200 per square foot, the adjustment could easily be $50-$90 per square foot, with nothing below 100 square feet difference.

As the seller, you are not entitled to even receive a copy of the report. If you did, check it carefully. Many lenders use the appraisal as the excuse to kill a deal they want to avoid for other reasons.

Just because your deal was jinxed does not mean there is an error in the appraisal. It may be perfectly accurate and your market has declined.

 

[Webbed Feet]

Just as Serena mentioned, it is best to get a second appraisal to be sure that there has been some type of negligent/incompetent work performed by the appraiser. Otherwise you just enrich the lawyer who will probably have to get another appraisal anyways.

EPI,

What makes you think a second appraisal does any of that?

Webbed.

 

[Webbed Feet]

To All,

Who Boy! !!!! Lordy, I am reading a legal question getting asked and a WHOLE bunch of people not licensed lawyers replying back with what amount to legal opinions ... I have two words..... "not smart"

I'd recommend some of you read your posts again and possibly delete them.

Webbed.

 

[Head Surfer]

To All,

Who Boy! !!!! Lordy, I am reading a legal question getting asked and a WHOLE bunch of people not licensed lawyers replying back with what amount to legal opinions ... I have two words..... "not smart"

I'd recommend some of you read your posts again and possibly delete them.

Webbed.

I think you are taking this forum too seriously.

Please read the forum description:
"For members of the public to ask general appraisal questions. . Please keep in mind that answers are for general informational purposes only and are not official, and are answered through the generosity of forum members."

In other words this is an informal internet forum for members of the public to ask general information questions. NOTHING is official that is written here. You can't ask a question here and expect to get an answer that you can use in court or anywhere else! Just GENERAL information only. If someone does rely on information here in this forum or any of the other forums they are foolish.

 

[Webbed Feet]

Head Surfer,

Great post! ..

Webbed.

 

[epi231]

Head Surfer made a good point, this is a public forum and I dont think any court will hold what is said here as formal legal advice. But the world is strange and I will heed both your advice. But Webbed I didnt understand your point..wouldnt a 2nd appraisal seem to be a good way to see if there was significant negligence from a previous appraisal. I am new in my career and would like to know if my thinking is flawed so I may learn from it.