Judge Rules Appraiser/Lender Owe no duty of care

[Fernando]

The only option was to pay over $100,000.00 to replace the system.

I'm not asking your option after your purchase.
Did you have option to buy the additional coverage prior to closing?
Septic is not popular here so I never paid attention to that item.

 

[Huds_Harm]

I'm not asking your option after your purchase.
Did you have option to buy the additional coverage prior to closing?
Septic is not popular here so I never paid attention to that item.

It was my understanding I had the highest coverage and it does not cover replacement.

 

[Fernando]

It was my understanding I had the highest coverage and it does not cover replacement.

Different warranty companies have different plans. Not all the same.
Are there real estate agents in Texas (anyone out there) who are aware of which warranty plan offered most protection with more optional coverage?

 

[Tiffany Gibbons]

No Tiffany, “readily observable” like read the listing sellers disclosure and OSSF and check the correct box. Then ensure the following per the AMC

View attachment 89406



Is the AMC taking it out of context?

Well, Alecia, I wouldn't purchase a home in a flood plain either. Do you pay flood insurance? Or are you taking your chances with that too? I saw that the appraiser has no disciplinary action on her record.

 

[Tiffany Gibbons]

The only option was to pay over $100,000.00 to replace the system.

I think you should get some more estimates on that.

 

[Huds_Harm]

I saw that the appraiser has no disciplinary action on her record.

The state has it on abatement until the case is resolved. Use your research skills for that determination.

 

[Fernando]

The state has it on abatement until the case is resolved. Use your research skills for that determination.

Tiffany is saying appraiser doesn't have past history of disciplinary actions. This could be oversight of appraiser in making a mistake.
All appraisers make mistakes but didn't expect buyer to use report to extort $100,000.

 

[Huds_Harm]

Tiffany is saying appraiser doesn't have past history of disciplinary actions. This could be oversight of appraiser in making a mistake.
All appraisers make mistakes but didn't expect buyer to use report to extort $100,000.

The desk review that determined 18 deficiencies in my appraisal also included a separate address with multiple deficiencies in that appraisal as well.

 

[Tiffany Gibbons]

What's up with the driveway with the weird iron and stone bridge over the drainage culvert in front? And is there additional space where that old building is in the rear? It's a pretty big lot and the house is 2 story, the footprint is not that big. Have you appealed your propery tax appraisal due to the damage? I mean, the septic system is 48 years old. How long do they typically last? I'm asking, I truly don't know.

 

[Fernando]

You bought the property 3 years ago when rates were low and many buyers trying to outbid each other.
Many buyers bought in "as is" condition since it was a seller's market.
It's important to do due diligence in a multiple offer environment. Some get into the moment and emotionally buy without considering potential problems in the house.