Judge Rules Appraiser/Lender Owe no duty of care

[George Hatch]

Just to expose those of you who deflect to the borrower.

Nobody is blaming you for what the appraiser did/didn't do. The court apparently issued a ruling as per the law.

 

[Surf Cat]

Just to expose those of you who deflect to the borrower.

Ha ha ha ha ha.... Appraiser Forum appraisers "Repent!"

 

[Mike Ault]

Because you can’t possibly believe one of your own is incompetent and or fraudulent.

The following is not any sort of "legal advice", by the way,

Negligent misrepresentation is a common law tort that is often considered a type of fraud. It occurs when someone fails to exercise reasonable care or competence to provide accurate information, and another person relies on that information to their detriment.

 

[Dublin ohio]

I did not rely on it. My loan did. And that part of the profession needs change

What part need to change. You are more than welcome to contract for an appraisal for your "use".

 

[Tiffany Gibbons]

Just to expose those of you who deflect to the borrower.

The borrower is the one who purchased a property in "as is, where is" condition. You knew the house was on septic, you asked to have it pumped. The checkmark in the wrong box should have been caught by the lender's review process and corrected. Class Valuation got the cheapest appraisal so they could keep $200 instead of $100 of the appraisal fee. And that's a drop in the bucket compared to the rest of the closing costs and origination fees the lender received. Not to mention the seller, both agents, and the home inspector. A survey for just a small lot here runs at least $1200 to start. The wrong checkmark is a true example of errors and omissions. There is no evidence it was intentional fraud. You knew, so the appraiser didn't intentionally deceive anyone. Was a survey given to the appraiser?

 

[Tiffany Gibbons]

FHA issued this on the website:

https://www.FHA.com/fha_article?id=531

 

[Mike Ault]

FHA issued this on the website:

https://www.FHA.com/fha_article?id=531

No mention of "separation distances" at all. Interesting.

 

[Tiffany Gibbons]

AND places responsibility on the borrower "doing some homework" at the local level to make sure the system is adequate. As long as it is functional and working properly, the loan will be funded with no questions from FHA. Nothing about failure afterward.

 

[Fernando]

If real estate attorneys were more knowledgeable about FHA, the 3 year lawsuit should never had happened (yet attorneys love to get paid learning on the job).
And OP and attorneys would not have to come to AF to fish for evidential support for their client.

 

[Mike Ault]

AND places responsibility on the borrower "doing some homework" at the local level to make sure the system is adequate. As long as it is functional and working properly, the loan will be funded with no questions from FHA. Nothing about failure afterward.

I don't believe I would risk my license by relying upon this information. "FHA.com" is a privately owned website, and not a conduit for official HUD guidance.