Judge Rules Appraiser/Lender Owe no duty of care

[George Hatch]

You're also not a sanitarian engineer to make that statement.

But unlike you, I've done plenty of appraisals involving new construction over the years to remember what other installs have actually cost. And we have access to published information as to costs. Like this reference, which is published by the State govt here in Calif (TX costs tend to run lower)


As for the "citation needed" for the above, here you go: pg 12-13.

https://www.boe.ca.gov/proptaxes/pdf/ah53124.pdf

Kindly note that I phrased that comment in terms of "it generally doesn't cost..." . I didn't speak directly to your specific situation because I (obviously) can't see what there is to see.

 

[Raven59]

I am not from your state, so I do not know the cost. However, I am from a state where septics and wells are prevalent. I have never encountered a cost that high for installing both systems, and my typography is challenging. Could either the well or septic be relocated instead of doing both? Of all your comments, that one has me most puzzled. Many people would hand back the house to the bank with those repair costs. Did the $100,000 include a damage claim?

 

[Huds_Harm]

But unlike you, I've done plenty of appraisals involving new construction over the years to remember what other installs have actually cost.

Your knowledge on septic and well replacement on less than an acre needs drastic improvement.

 

[Dublin ohio]

Your knowledge on septic and well replacement on less than an acre needs drastic improvement.

Up until now. Nobody knew the size of the lot. Only a few option if not enough area or suitable soil for a leach field. Mound system, aerator. What type of system was required?

 

[Huds_Harm]

I am not from your state, so I do not know the cost. However, I am from a state where septics and wells are prevalent. I have never encountered a cost that high for installing both systems, and my typography is challenging. Could either the well or septic be relocated instead of doing both? Of all your comments, that one has me most puzzled. Many people would hand back the house to the bank with those repair costs. Did the $100,000 include a damage claim?

The issue is there is not sufficient room for repair or replacement which per the FHA septic and well waiver was to be determined if the appraiser had not concealed the fact.

The property is not large enough for the less expensive system and the current location of the tank and well do not meet today's code therefore both have to be moved as well as all plumbing rerouted through tunneling and backfilling. That along with tree removal and concrete replacement cause the costs to exceed $100,000.00

 

[Tiffany Gibbons]

You're also not a sanitarian engineer to make that statement.

She should post the repair bill. I don't believe it either. I now put that I am not a licensed sanitary engineer or licensed home inspector and perform no special testing on any systems or appliances.

 

[George Hatch]

Your knowledge on septic and well replacement on less than an acre needs drastic improvement.

And yet, I've seen the actual costs in many assignments over the years, and probably half of them were on parcels of 20,000sf or less. I'm not starting from a position of knowing nothing about the topic and limiting my observations to just the one single case that I've seen. We have septic installs in this region on parcels as small as 7,000sf, although the current development criteria for most of our jurisdictions with septic are 20,000sf minimum lots.

Sure, there's always room for improvement on my end. But in addition to that I have personally seen the actual construction costs in many assignments over the years, and probably half of them were on parcels of 25,000sf or less. I'm not starting from a position of knowing nothing about the topic and limiting my observations to just the one single case that I've seen. We have septic installs in this region on parcels as small as 7,000sf, although the current development criteria for most of our jurisdictions with septic are 20,000sf minimum lots.

In any case, I agree with the possibility that the $100k might be accurate. But if those systems were functional as of the date of the inspection then it wasn't a lie for the appraiser to say so. What happens with those systems 3 days later is beyond the ability of any appraiser to forecast.

What's your current living situation like with these conditions? Are you still living at the property? Are you still using these systems? If so, how is that going for you?

 

[Tiffany Gibbons]

Really? No potability test? No Septic test? interesting.

And why did the "home inspector" not go back when the well and septic tank were "located"?

 

[Raven59]

You have an FHA loan so what you do from this point forward is irrelevant to FHA standards. Can you repair the current situation and forget about the FHA criteria?

 

[Huds_Harm]

And why did the "home inspector" not go back when the well and septic tank were "located"?

Why did the appraiser conceal the fact and any other fact that would cause the appraisal to be "subject to"?

Just a guess from learning of the backboneless appraisers that rubber stamp appraisals to "close the loan."

Or maybe because they are afraid they won't receive anymore assignments.

Choose a profession you don't have to commit fraud in to pay the bills.