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Banks maybe. Appraisers very seldom have more than one attorney and it would usually be their E & O attorney. Appraisers typically don't have deep pockets.
The seller listed it correctly as septic and well, there was a seller's disclosure as well as a septic pump receipt provided to the appraiser since my agent and I asked for the tanks to be pumped in the sales contract. Yes first home.
I'm not sure how an E & O will defend the fact that the appraiser went against what it was listed as.
Heh, boy that do sound familiar now that you say it.
Errors and Omissions.
Was the septic system inspected by somebody competent prior to escrow being opened with a report for you to peruse or did you rely on something else like agent's conversations, or make the first-time buyer boo-boo of ignoring a normal course of due diligence? It sounds like the appraiser maybe was a trainee and/or professional incompetent who didn't have a clue nor a mentor, either case being irrelevant as far as you are concerned. I see you partially recovering after a prolonged pause in the Texas judicial system.
I did have a septic professional test it. The issue is there is not sufficient room for repair or replacement, without capping and digging a new well, and tunneling to reroute the plumbing, and my "working" inspection does not measure FHA minimum distance requirements. That was a requirement of the appraiser and lender only. see FHA well waiver which would have required sufficient room for repair or replacement.
appraisersforum.com
It was 5 months. FHA minimum property requirements are determined prior to closing not sure what your timeline has to do with.But you were in the house a year before you overflowed the septic.
Appraiser Marked Private Septic And Well As Public
The appraiser on the property I purchased with an FHA loan marked my water and sewer as public therefore the required FHA tests and minimum distance requirements were not performed. The system has not only failed it will cost upwards of 60k to bring up to health and safety standards due to the...