FHA Septic & Well Appraiser Lawsuit

[Meandering]

You have made me convinced they hand out appraiser licenses to anyone that applies or you would know the buyers home inspection not only does not verify the property meets MPR,
IT IS NOT PROVIDED TO THE APPRAISER OR LENDER “to prevent it from going to the appraisal stage”

And I can only hope that the government reads how easy it is for an appraiser and lender to lie to close a loan.

You have convinced me, by your previous post, that the "owner did not know where the septic was located", that:

No one had been living in the home at the time you submitted an offer to purchase. This home was most likely previously purchased at an auction or a distressed sale by someone known to you. And when the contaminated water became the issue with no way to economically correct, you decided you knew how to blame someone else so that the lost money could be recouped. Yup, it's starting to look like there should be an investigation in to the history of this property and all the players involved.

And your search for support from appraisers is not going to cover up your game plan.

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[Huds_Harm]

Yup, it's starting to look like there should be an investigation in to the history of this property and all the players involved.
.

You mean yet another negligence along with the other 17 appraisal deficiencies that was the APPRAISERS duty to perform?

Failure to provide an acceptable analysis of the sale or transfer history of the subject and comparable properties.
• PRIOR SALES: The appraisal must report and analyze all prior sales or transfers of the subject that occurred within the prior three years and all prior sales or transfers of the comparable sales that occurred within one year, regardless of conveyance type or consideration amount. If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required.
In case number 512-00000000: The Subject property sold/transferred on xxxxxxx/2020 for $xxxxxxx,000, lacks further summary analysis and commentary. (e.g., $xxxxxx,000 vs. $xxxxxxx,000 or for the difference of $xxxxxxx,000 in less than one-year)

This is a repeat deficiency from a previously issued Notice. Failure to correct repeated deficiencies in the completion of your appraisals may lead to additional administrative sanctions and possibly removal from the Roster.

Let me know if you would like to see the remaining 16 deficiencies.

 

[Elliott]

In case number 512-00000000: Per published listing and online data sources, the Subject property
was connected to an onsite well and sewage disposal system, but not identified, disclosed, or
discussed, and the Appraiser failed to report the availability of connection to a public/community
water and sewer systems, and/or whether there were any jurisdictional conditions requiring
connection.

Bay,
Why not give us the address? We are really good as a forum at researching and tearing a property apart. We are like those genetic researchers, we'll find out all kinds of things about the ancestry of the property. Search "Marin" on this site if you don't believe me.

 

[Meandering]

You mean yet another negligence along with the other 17 appraisal deficiencies that was the APPRAISERS duty to perform?

Failure to provide an acceptable analysis of the sale or transfer history of the subject and comparable properties.
• PRIOR SALES: The appraisal must report and analyze all prior sales or transfers of the subject that occurred within the prior three years and all prior sales or transfers of the comparable sales that occurred within one year, regardless of conveyance type or consideration amount. If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required.
In case number 512-00000000: The Subject property sold/transferred on xxxxxxx/2020 for $xxxxxxx,000, lacks further summary analysis and commentary. (e.g., $xxxxxx,000 vs. $xxxxxxx,000 or for the difference of $xxxxxxx,000 in less than one-year)

This is a repeat deficiency from a previously issued Notice. Failure to correct repeated deficiencies in the completion of your appraisals may lead to additional administrative sanctions and possibly removal from the Roster.

Let me know if you would like to see the remaining 16 deficiencies.

Thanks for showing I was right.

Post the address to this property.

I'm sure the E&O insurers are loving this thread.

Oh yeah,

and are you related to the appraiser? Is the appraiser still alive???



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[Huds_Harm]

I'm sure the E&O insurers are loving this thread.

I am sure they are as well because the bank just sued the appraiser so I will leave you to defend negligence amongst yourselves.

 

[Meandering]

I am sure they are as well because the bank just sued the appraiser so I will leave you to defend negligence amongst yourselves.

provide the court link , so we can read it for ourselves, other wise. you're just burning electrons looking for a way out of something that might not even have happened.

Oh yeah, and those providing support for your "who-done-it" novel research, are gonna want in on the royalties.

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[BRCJR]

If I missed some of this information in the thread, I apologize. It has become a long thread.

Are you, Bayouplace713, the owner occupant?

How long after the purchase did the septic system fail?

 

[Dublin ohio]

If I missed some of this information in the thread, I apologize. It has become a long thread.

Are you, Bayouplace713, the owner occupant?

How long after the purchase did the septic system fail?

Per the OP in post #40. 5 months

 

[Tiffany Gibbons]

You mean yet another negligence along with the other 17 appraisal deficiencies that was the APPRAISERS duty to perform?

Failure to provide an acceptable analysis of the sale or transfer history of the subject and comparable properties.
• PRIOR SALES: The appraisal must report and analyze all prior sales or transfers of the subject that occurred within the prior three years and all prior sales or transfers of the comparable sales that occurred within one year, regardless of conveyance type or consideration amount. If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required.
In case number 512-00000000: The Subject property sold/transferred on xxxxxxx/2020 for $xxxxxxx,000, lacks further summary analysis and commentary. (e.g., $xxxxxx,000 vs. $xxxxxxx,000 or for the difference of $xxxxxxx,000 in less than one-year)

This is a repeat deficiency from a previously issued Notice. Failure to correct repeated deficiencies in the completion of your appraisals may lead to additional administrative sanctions and possibly removal from the Roster.

Let me know if you would like to see the remaining 16 deficiencies.

"As is" sale to an investor flipper realtor (and kind of a newbie) whose husband also owns an HVAC company. The "within 1 year" above gives this away. I already told you an AMC will order the fastest and cheapest appraiser so I have no doubt the appraiser was not the best. The lender and FHA can also waive those requirements. I don't blame you, it probably looked like a steal with a Waterview. But you never lived there. You just didn't make As much bank as you had anticipated and now the interest rates are all jacked up.

 

[NC Appraising]

1. If the mortgage was conventional, who would the OP blame? Themselves.
2. If they paid cash, who would they blame? Themselves.

Okay, they went FHA, so what? The OP comes on here acting like the entire contract/purchase was based on the appraiser determining the distances between the well, septic and lot, etc. which is BS.

Was the contract contingent upon what the appraiser's opinion of the distances of the well and septic were? NO!! Be an informed buyer!! You knew before you signed the contract that the home was on well and septic. You should have done your due diligence.

The buyer failed to hire professionals in their field to determine the condition, distances, and other factors of the well. The OP knew the home was on septic and well. End of story. If the OP was that concerned, they should have called the appraiser to fix the appraisal or the lender before the home closed.

https://www.HUD.gov/sites/dfiles/SF...For Your Protection Get a Home Inspection.pdf

FHADoesNotGuaranteetheValueorConditionofyourPotentialNewHome Ifyoufindproblemswithyournewhomeafter closing, FHAcannot giveor lendyoumoney for repairs, andFHAcannot buythehomebackfromyou. Askaqualifiedhome inspector to inspect yourpotential newhomeandgiveyou the informationyouneed tomakeawise decision. It is your responsibility to be an informedbuyer.Youhave the right tocarefullyexamineyour potential newhomewithaqualifiedhome inspector. Tofindaqualifiedhome inspector askfor references fromfriends, realtors, local licensingauthoritiesand organizations that qualify and test home inspectors.

1. The appraiser was in the wrong. Contact HUD and the board and let them be disciplined. End of story. They are not liable for shet coming up and to fix it. They do deserve to get disciplined by HUD and the Board.

2. Sue the homeowner if the system was not built to code (no permit pulled) or they knew the system was not functioning as intended (maybe that is the reason they wanted to sell it...could not afford the $100k bill to repair it).

Moral of the story. Buying a used home is no different than buying a used car. Some are lemons and some sellers are crooks that put mystery oil in the tranny to make it last a month or so....then you are broke down on side of the road....Some buyers are also just gullable....or was in the moment...in 2020-2022 buyers were waiving home inspections, appraisals, etc. Buyers are sometimes not the smartest of people...