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Hit with law suit

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Lee Hunt

Freshman Member
Joined
Dec 12, 2002
Appraised home 3 years ago. Lender repo'd and is now filing law suit saying appraisal was too high. Was working as a registered under a certified at the time. Any one experienced with this, where do I start???
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Call your E&O carrier. They are probably just fishing. What is "too high". Can you give some more details? If your comps were good, I don't think you have too much to worry about. Most suits are about specific items of fact, not someone's opinion.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Ouch Lee. Kind of scary. Good luck. Keep us posted. Sponsor has more liability. There is none if it was done right. Still costly though. Maybe you could counter sue for defamation? Don't know.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Frivolous lawsuit?
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Lee, if you can give a lot more details. If you do, you will get some good help from these people, I guarantee it. Some have been there.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Make them explain what too high means.
Did they do a review three years ago. Has the condition changed. Get out there and get new pics asap.
Start collecting data to support your claim and to rebut theirs. The cert is on the hook but will probally blame you.
Get your own lawyer or legal representative to answer questions for you.
Good Luck CYA
 

David Mullen

Junior Member
Joined
Jan 17, 2002
Notify your E&O carrier before you do much of anything else.

They probably have a condition in the policy that requires you to do that and they have plenty of experience in answering the questions that you have and they will also give you good guidance.
 

Dave Doering

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I agree in principal with David and Jim about consulting your E & O carrier before you do anything or talk to anyone with one exception. I would contact my personal attorney first for general guidance on how to proceed. You may benefit from some guidance on how to approach your E & O carrier as well. While they insure you, any claim or potential claim will likely have an impact on your premiums or future insurability.

With regard to contact with the lender or any other party, my rule is: Once the "L" word, whether it be "Lawyer" or "Lawsuit" is uttered, all further conversation ceases until I have consulted my personal attorney.

They may in fact "be fishing". Anyone can threaten to sue or even file suit, but to prevail the suit must have merit. The recommendation about getting current photos of the subject is a good one for CYA, but I would not do anything overt until I spoke with competent counsel.

Good Luck
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
I may be missing something here, but...............

A) I think your exposure is minimal if any, you signed on the left. As long as you didnt defraud your supervisor with intentional bogus and bad info, you should be ok.

B) they dont want you anyways. They may think they do, but you supervisor has more 'assets' in the sense that he had/has the E&O policy and insurance pockets are alot deeper than yours or mine.

Either way its scary as hell. We went through it last year and it was dismissed. it is now under appeal even after the judge wrote a wonderful dismissal thesis that made me look like the person who invented appraising.

Good luck. Hopefully you will come out on top and trust me you will learn more about the legal system than you thought you ever needed to, which doesnt hurt.

MRM
 

mbrunson

Sophomore Member
Joined
Jan 29, 2002
Professional Status
Certified Residential Appraiser
State
Nevada
I am aware of a very well trained appraiser who will defend you for free against any state board as long as you did not commit fraud. Contact him at [email protected]. His name is Dutch.

Mike
 
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