Judge Rules Appraiser/Lender Owe no duty of care

[Huds_Harm]

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?

Sure, let me forget about the fact that it's an over $100,000.00 repair bill that I otherwise would not have, had the appraiser been competent.

 

[George Hatch]

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.

Maybe they did commit fraud. We have no way of knowing one way or the other. But I'm skeptical of your allegation of their motivation. I have never heard of an appraiser getting cut off by a greedy lender for disclosure of problems with a well or septic. Usually when lenders are trying to coerce appraisers to help them rubber stamps a loan its about the value. Not the property conditions.

Occam's Razor. Sometimes an error is just an error.

You could just as easily have run into a septic and/or well failure if they had been located within specs relative to the current development criteria. Who would you be chasing to protect you from your own decision making then?

 

[Huds_Harm]

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.

Tiffany, how many times do I have to tell you no one is asking you to be a licensed sanitary engineer or licensed home inspector?

Borrowers and FHA are only asking that you not conceal any fact that would cause the appraisal to be "subject to"

All you literally have to do is use your eyes to observe and or read in this case and notate it.

 

[Raven59]

I must not understand. The $100,000 was necessary to repair and arrange the septic and well to FHA standards. Would that amount be less if you repaired what's in place, even if it does not meet FHA standards?

I remember the FHA disciplinary matrix using this scenario as an example of reasons for possibly being removed from doing FHA work. I wonder if this is carelessness, incompetency, or an ethics issue. I think choice 1 or 2. It appears to court picked 1.

 

[Huds_Harm]

You could just as easily have run into a septic and/or well failure if they had been located within specs relative to the current development criteria. Who would you be chasing to protect you from your own decision making then?

Thats not what happened so we won't use hypotheticals for deflection.

 

[Huds_Harm]

A licensed septic professional is not allowed to patch it in place. If it needs repair it must be brought to current code.

 

[shrubberyvaluation]

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.

Its not the profession, its Clear Capital and Rocket Mortgage.

 

[Surf Cat]

I haven't read all the comments on the thread however;

Anyone who signs on the dotted line to make the purchase of a home with a septic system, without vetting it by a qualified, licensed, septic professional, (no, I'm not talking about a "home inspector") is just asking for it.

 

[Surf Cat]

Tiffany, how many times do I have to tell you no one is asking you to be a licensed sanitary engineer or licensed home inspector?

Yeah....Tiffany

 

[Huds_Harm]

I haven't read all the comments on the thread however;

Anyone who signs on the dotted line to make the purchase of a home with a septic system, without vetting it by a qualified, licensed, septic professional, (no, I'm not talking about a "home inspector") is just asking for it.

The appraiser and lender also signed on the dotted line certifying the home met all FHA minimum property requirements.

and anyone who conceals the fact it was septic and well despite multiple documents stating it was, is committing fraud.