Judge Rules Appraiser/Lender Owe no duty of care

[Huds_Harm]

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.

if the appraiser did their job right, I would have 3 years in equity in another home instead of 3 years of debt.

 

[Dublin ohio]

If report indicated water issue problem in basement, that's a red flag in costly repairs which won't add value.

If no dampness or water in the basement when you do your inspection. How would you know without the home inspection or if there wasn't one.

 

[Huds_Harm]

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.

Because the fact she marked items did not exist, left them out of every view in the appraisal report, and refused to provide the original pictures doesn't prove intent? Yall are hilarious.

 

[Huds_Harm]

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

Are the agents required to determine the property qualifies for the loan?

 

[Raven59]

I received a copy and like any other borrower are only looking for the fact it met value. I was not aware I should have proofed it for competence.

The court listed no basis for their ruling although required, but yes that was the appraiser/lender argument that "they did everything they could" to say I was not an intended user which does not negate the fact "they also did everything they could to conceal anything that required the appraisal to be subject to."

But you had the chance to review it. That's the purpose of giving it to you before closing. Did you also make a mistake and overlook the septic and well box, just like the appraiser and underwriter? I'm not trying to criticize you; I'm just trying to bring some reality to the conversation, that people make mistakes without malicious intent. The way this is unfolding is every appraiser's worst nightmare.

 

[Huds_Harm]

But you had the chance to review it. That's the purpose of giving it to you before closing. Did you also make a mistake and overlook the septic and well box, just like the appraiser and underwriter? I'm not trying to criticize you; I'm just trying to bring some reality to the conversation, that people make mistakes without malicious intent. The way this is unfolding is every appraiser's worst nightmare.

You see appraisers use the intended user clause as both a sword and a shield. First its I'm not an intended user therefore I can't rely on the appraisal, then its you received a copy so you should have reviewed and caught the error smh.

 

[Fernando]

Are the agents required to determine the property qualifies for the loan?

Agents should have help you investigate the property.
Did agent said if FHA approved, property is in condition in which you don't need to do your due diligence.

But you had the chance to review it. That's the purpose of giving it to you before closing. Did you also make a mistake and overlook the septic and well box, just like the appraiser and underwriter? I'm not trying to criticize you; I'm just trying to bring some reality to the conversation, that people make mistakes without malicious intent. The way this is unfolding is every appraiser's worst nightmare.

Which is why I charge higher fee for FHA appraisals. Potential for problems increases much more than Fannie appraisals.

 

[Tom4value]

Way back when I was an itty bitty appraiser, one of the 1st things my mentor got me on was the public/private sewer and water. I said I didn’t know and guessed. He said for me to always have my checkbook handy. I would be writing a lot of checks.

A home inspector is only supposed to flag defects/deficiencies. Whether anything is done about it is not their concern. For an FHA appraisal, we are to note, “this has to be done to meet HUD/FHA minimum guidelines “. To miss that there is a private well and sewer, let along not check for minimum distances, is a major, MAJOR issue that could cost their FHA designation, at minimum.

 

[Raven59]

Are the agents required to determine the property qualifies for the loan?

Real estate agents are experts in real estate, which generally includes a general knowledge of financing requirements. If they don't have the answer, they certainly should be able to counsel their clients on how to find the answers. The more the seller or purchaser is a rookie, the more hand-holding is required. That's part of their standard of care.

 

[shrubberyvaluation]

Sounds like just butterfly effect stuff. You buy a house, it gets struck by lightning, you see that you should not of gotten funding for the house if x,y, z happened and you wouldn't have the issue. Of course its a little different because you could of got the septic inspected before buying the house.