jay trotta
Elite Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
Really? No potability test? No Septic test? interesting.None of the flagged items were related to the well or septic.
Really? No potability test? No Septic test? interesting.None of the flagged items were related to the well or septic.
We need an emoji for heck, yes!We're appraisers, not lawyers. We're not qualified to have an informed opinion about your legal options. That's for the lawyers to answer.
We already agreed that the appraiser made errors and failed to meet all of the terms of their assignment and that they get what they get for that. Nobody is defending the appraiser. Pointing out the fact that you didn't use the appraisal in your decision making and that you are not a party to the appraiser-client relationship isn't a defense for the appraiser's failings.
BTW, it generally doesn't cost $100k to drill a new well and install a new septic.
Semantics. Exactly so. The entire purpose of incorporating a Definitions section directly into the law/regs where they are being used is to prevent people from getting away with using fuzzy and undefined terms (like "federal definition of as is") in lieu of the real definitions as they actually exist.
Lawyers exist to carefully parse the meanings of these terms as are used in civil and criminal and administrative settings. Way of the world.
Why is it unhappy borrowers go after the appraiser when things go wrong?
Clients/Lenders by choosing the appraiser are responsible.
If the lenders take more responsibility, they would use "competent" appraisers.
It's a shakedown going after the lowly appraiser on the totem pole.
We're appraisers, not lawyers. We're not qualified to have an informed opinion about your legal options. That's for the lawyers to answer. You may still have a winnable case in there somewhere, we wouldn't know.
We already agreed that the appraiser made errors and failed to meet all of the terms of their assignment and that they get what they get for that. Nobody is defending the appraiser. Pointing out the fact that you didn't use the appraisal in your decision making and that you are not a party to the appraiser-client relationship isn't a defense for the appraiser's failings.
BTW, it generally doesn't cost $100k to drill a new well and install a new septic.
Again, your usage of the term "Definition" is in need of improvement.The entire purpose of an FHA appraisal BY DEFINITION is to ensure the
and an appraiser is not allowed to submit an FHA appraisal "as is" that does not meet FHA minimum property requirements. HENCE WHY THE FEDERAL MEANING OF "AS IS" IS AFTER THE HOME MEETS ALL MINIMUM PROPERTY REQUIREMENTS.
- Safety: The home should protect the health and safety of the occupants.
- Security: The home should protect the security of the property.
- Soundness: The property should not have physical deficiencies or conditions affecting its structural integrity.2
"law/regs where they are being used is to prevent people from getting away with"
FRAUD