Judge Rules Appraiser/Lender Owe no duty of care

[Huds_Harm]

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.

Would you like to come perform the required field review I was denied?

 

[Huds_Harm]

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.

An FHA appraisal is not allowed to be "as is" if it requires repairs.

 

[Fernando]

An FHA appraisal is not allowed to be "as is" if it requires repairs.

In the contract, did you buy property in "as is" condition?
And again, were you the winning bidder with those multiple offers?

 

[Huds_Harm]

In the contract, did you buy property in "as is" condition?

The federal “as is” requirement is IN ADDITION TO the GSE scope of work which REQUIRES CONDITIONING THE APPRAISAL ON COMPLETION OR REPAIR when there are conditions that adversely affect the livability, soundness or structural integrity of the property.

 

[Tiffany Gibbons]

Would you like to come perform the required field review I was denied?

Sadly, I'm not licensed in Texas.

 

[Fernando]

The federal “as is” requirement is IN ADDITION TO the GSE scope of work which REQUIRES CONDITIONING THE APPRAISAL ON COMPLETION OR REPAIR when there are conditions that adversely affect the livability, soundness or structural integrity of the property.

When I make an all cash offer and you overbid me because you didn't do your due diligence, is it fair that if something goes wrong with property, you get to go after the lender when things go wrong?

 

[Huds_Harm]

When I make an all cash offer and you overbid me because you didn't do your due diligence, is it fair that if something goes wrong with property, you get to go after the lender when things go wrong?

It was not an all cash offer nor a conventional loan. The home did not qualify for the loan and we are on the 87th page of appraisers still attempting to deflect blame with hypotheticals.

 

[Fernando]

It was not an all cash offer nor a conventional loan. The home did not qualify for the loan and we are on the 87th page of appraisers still attempting to deflect blame with hypotheticals.

If I'm buying all cash, I don't need to qualify for a loan. Why should FHA buyers have a lender as a reason to go after another party when something goes wrong with property?

 

[Fernando]

When I do appraisals and see a FHA buyer buying a property over market value that's not fair for other buyers.
FHA buyers has less risk than other buyers paying over market since their down payment is so looooooow.

 

[Zoe]

When I do appraisals and see a FHA buyer buying a property over market value that's not fair for other buyers.
FHA buyers has less risk than other buyers paying over market since their down payment is so looooooow.

irrelative to problem at hand for this person. VA insures a certain percentage for many loans and required no bailout. They are known to insure a certain percentage of loans of 100%.