Judge Rules Appraiser/Lender Owe no duty of care

[Huds_Harm]

Because they are responsible for the validity of the collateral used, lenders need to do their own due diligence to reduce risk. I'm sure there are lenders who play both sides of the fence, and many sit on it.

Exactly!

 

[Surf Cat]

Why would they want to know something that might hold up the loan or prevent the loan from closing? Appraisers have complained about this lender pressuring them that they only accept "as is" appraisals meaning anything that would require it to be "subject to" has to be removed.

You really appear to be fixated on pointing the finger at the appraiser as the one at fault. Not the listing agent, home inspector....... buyer.

When you point your finger at someone, you have three fingers pointing back at you.

Best of luck.

 

[Huds_Harm]

This sounds like an attorney's answer. Who is the federal?

HUD/FHA

 

[Mejappz]

I absolutely refuse to pay $100,000 for a septic tank repair. If necessary, I'll consider defaulting on the loan. HUD, Rocket, and Class have the power to resolve this quickly if they choose. It would be a strategic default—threatening to default might pressure them into dealing with the property's septic issue. If you really want to take action, wait until the market collapses, which seems inevitable. Yes, defaulting will damage your credit and may force you to rent or move in with family, but it's better than paying $100,000 for a septic repair. If you're a minority, you could also claim HUD discriminated against you based on race or because you're a single mom. Then, hire a non-profit housing agency to handle the case. It's time to start acting like the banks and corporations do. That's how things work in America.

 

[Huds_Harm]

You really appear to be fixated on pointing the finger at the appraiser as the one at fault. Not the listing agent, home inspector....... buyer.

When you point your finger at someone, you have three fingers pointing back at you.

Best of luck.

APPENDIX D: VALUATION PROTOCOL The appraisal process is the lender’s tool for determining if a property meets the minimum requirements and eligibility standards for a FHA-insured mortgage. Underwriters bear primary responsibility for determining eligibility; however, the appraiser is the on-site representative for the lender and provides preliminary verification that the General Acceptability Criteria standards have been met.

 

[shrubberyvaluation]

Obviously the septic was functional at the time of purchase. Since the problems did not appear for 3 months


Not a septic issue


Were there any?

Sounds like a butterfly effect argument. If the appraiser supposedly did his job right she would not of got her funding (and perhaps would of complained about that) and this unrelated issue would not be an issue.

 

[shrubberyvaluation]

What about your agent?

This^

 

[Huds_Harm]

So, she ignored the courts request to surrender all evidence for discovery? Is that what you're telling us? Do you know that for a fact? Can you post evidence that she refused to turn over all original photos? If true, that would help bolster your case. If that is not true, then you should quit making such allegations. They weaken it.

Two years and six months after discovering the error and omission, she discovered yet more intentional errors and omissions in the appraisal including physical items that the appraiser marked did not exist.

This prompted her to recall the discovery questions in which they asked the appraiser to provide all pictures taken at the property to which the appraiser produced the appraisal only, not all of the pictures taken at the property. The appraiser did not produce all original pictures, because the ones used in the appraisal cropped out the deck and fence from all views.

Her new attorney requested to depose the appraiser due to the recent discovery of more intentional errors and omissions, as well as the fact the previous attorney never requested it, to which the appraiser’s attorney filed a reply stating that it was “laughable” and due to the buyer’s “laziness” and that the appraiser should not be “held captive”.

The Discovery process is a constitutional obligation to ensure a fair trial. The exchange of evidence by both sides is critical to the fair outcome of a case.

She did not get to depose the appraiser.

 

[Mike Ault]

Two years and six months after discovering the error and omission, she discovered yet more intentional errors and omissions in the appraisal including physical items that the appraiser marked did not exist.

This prompted her to recall the discovery questions in which they asked the appraiser to provide all pictures taken at the property to which the appraiser produced the appraisal only, not all of the pictures taken at the property. The appraiser did not produce all original pictures, because the ones used in the appraisal cropped out the deck and fence from all views.

Her new attorney requested to depose the appraiser due to the recent discovery of more intentional errors and omissions, as well as the fact the previous attorney never requested it, to which the appraiser’s attorney filed a reply stating that it was “laughable” and due to the buyer’s “laziness” and that the appraiser should not be “held captive”.

The Discovery process is a constitutional obligation to ensure a fair trial. The exchange of evidence by both sides is critical to the fair outcome of a case.

She did not get to depose the appraiser.

So, I guess we need to see an example of one of these "cropped pictures" of yours. We look at appraisal photos everyday, most of us. We can tell what has been intentionally altered, and what has not. Try us.

 

[Fernando]

Two years and six months after discovering the error and omission, she discovered yet more intentional errors and omissions in the appraisal including physical items that the appraiser marked did not exist.

This prompted her to recall the discovery questions in which they asked the appraiser to provide all pictures taken at the property to which the appraiser produced the appraisal only, not all of the pictures taken at the property. The appraiser did not produce all original pictures, because the ones used in the appraisal cropped out the deck and fence from all views.

Her new attorney requested to depose the appraiser due to the recent discovery of more intentional errors and omissions, as well as the fact the previous attorney never requested it, to which the appraiser’s attorney filed a reply stating that it was “laughable” and due to the buyer’s “laziness” and that the appraiser should not be “held captive”.

The Discovery process is a constitutional obligation to ensure a fair trial. The exchange of evidence by both sides is critical to the fair outcome of a case.

She did not get to depose the appraiser.

So you did sue the appraiser and lender. Did you also sue the agents involved?