Judge Rules Appraiser/Lender Owe no duty of care

[Surf Cat]

It just occurred to me that - for all we know of this situation - that it might not have even been the tank or fittings that failed, but the leach field. If the tank was pumped and only part of the leach field was operable the install might initially look operable right after being pumped but get overwhelmed or clogged with conventional TP sometime later.

George, she had the tank filled and drained.....(after initially being pumped).

She did not elaborate whether these jobs took place before or after the purchase and what the results/reports of these jobs indicated per the technicians when asked.

 

[George Hatch]

I'm no septic-pro so I don't know the answer to this: but if a leach field was already clogged would that be apparent to anyone at the time of a fill-n-drain? IF ALREADY CLOGGED and if the property had been left standing for several months would a fill-n-drain do anything to remediate it?

 

[Surf Cat]

I'm no septic-pro so I don't know the answer to this: but if a leach field was already clogged would that be apparent to anyone at the time of a fill-n-drain? IF ALREADY CLOGGED and if the property had been left standing for several months would a fill-n-drain do anything to remediate it?

Stop being logical. The appraiser didn't follow FHA protocol....

 

[George Hatch]

The appraiser didn't meet the requirements for the assignment which includes FHAs usage. The lender made the loan, though; so we apparently don't need to hear an allegation that the appraiser acted with bias against the borrower or lowballed the value of the property in the market. If it is at all true that the appraiser omitted mentioning deficiencies then that could be argued as an example of pro-borrower bias: the appraiser sticking their neck out on behalf of the borrower.

 

[Surf Cat]

IF ALREADY CLOGGED and if the property had been left standing for several months

Remember, the purchase was made from a real estate investor who had purchased the home via an estate sale.

We don't know if the investor had resided in the dwelling or if it was vacant and for how long.

Lots of missing puzzle pieces.

It appears to me after going this far, that all of us here are the psychiatrists and the op is the patient on the couch venting. Problem is in typical appraisal fashion, we are not getting paid.

 

[Mike Ault]

I'm no septic-pro so I don't know the answer to this: but if a leach field was already clogged would that be apparent to anyone at the time of a fill-n-drain? IF ALREADY CLOGGED and if the property had been left standing for several months would a fill-n-drain do anything to remediate it?

The pumping process does not reveal or test the serviceability of the leach field. I did know one guy in Lubbock though, whose job description included inspecting the inside of septic tanks. He was properly equipped for the job apparently, but no matter how well he showered, none of us wanted to sit next to him at the bar.

 

[George Hatch]

We don't know if the investor had resided in the dwelling or if it was vacant and for how long.

Lots of missing puzzle pieces.

It appears to me after going this far, that all of us here are the psychiatrists and the op is the patient on the couch venting. Problem is in typical appraisal fashion, we are not getting paid.

Has the manner of failure been mentioned yet?


It should go without saying, but it's impossible for this level of consideration and discourse to occur in the comments sections of an article at any of the outlets. In our discussions here we are feeding each other with additional info and ideas.

 

[Surf Cat]

The appraiser didn't meet the requirements for the assignment which includes FHAs usage.

That's "one side" of the story. It does "appear" that the appraiser made some egregious errors.

But like you said, the loan did get funded AND she lost her case in court.

So in my opinion, after all this dodging, weaving, evading, without seeing that appraisal report, it really is hard to make a determination on how poorly that appraiser did on this assignment.

 

[Mike Ault]

That's "one side" of the story. It does "appear" that the appraiser made some egregious errors.

But like you said, the loan did get funded AND she lost her case in court.

So in my opinion, after all this dodging, weaving, evading, without seeing that appraisal report, it really is hard to make a determination on how poorly that appraiser did on this assignment.

True enough. I think we've established though, that the appraiser & lender both failed to perform their due diligence and maintain the typical standard of care associated with the FHA mortgage insurance process. I think we've also established that the poster failed to prove that these were "intentional errors", despite repeated requests for evidence thereof, evidence presumably in her possession. An egregious "overreach" which does not enhance her credibility.

 

[Surf Cat]

True enough. I think we've established though, that the appraiser & lender both failed to perform their due diligence and maintain the typical standard of care associated with the FHA mortgage insurance process. I think we've also established that the poster failed to prove that these were "intentional errors", despite repeated requests for evidence thereof, evidence presumably in her possession. An egregious "overreach" which does not enhance her credibility.

Agree. It also appears that the op pressed on "full steam ahead" with executing the docs for purchase, without proper due diligence.

She made a mistake (as we all do) now, is the wiser for it and will most likely not do that again.

"Experience is simply the name we give our mistakes." - Oscar Wilde