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Sometimes, the good guys don't lose

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Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I would say that the good guys win, but I just broke even...

A couple of months ago, I appraised a home for a purchase that was a rehab in one of those areas known for shoddy flips.

The main level looked fine, but the basement was wet. Took photos, required an inspection by a licensed professional, the usual. All seems fine.

The loan officer calls, and states that the R/E agent (who also owns the property) says that all the copper pipes in the house were stolen and not present at the time of my inspection, leading to the water. They wanted to know how I could have possibly missed something like that. 8O

After a mad dash back to the office to look at all my interior photos (I had one of the open joists in the basement) there were copper pipes everywhere. The agent was just trying to tarnish my sterling reputation. :x I knew I couldn't have missed something that obvious, but I was scared for a minute! I sent them the picture, stood by my guns, and didn't hear back.

It turns out they got a different appraisal from someone who was willing to look the other way and closed as is. Now the punch line: the water was from a sewer problem that the owner knew about and didn't disclose (I guess my nose wasn't working that morning or they cleaned it up before I got there and just couldn't get it to dry in time). The buyer has a relative that is a circuit court judge in the city and an aunt who works for the IRS. She is suing the R/E agent, home inspector and appraiser #2. You hate to feel good about someone else's misfortune, but when they create it themselves, I think it is ok, don't you? :twisted:

And I still get business from this company as they always were a good client, they just stumbled. Sometimes, life is good.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Good job Calotz now maybe after getting sued the other Appraiser will learn not to look the other way. Perhaps even he will get suspended and you will not have to work with it any more.

However, playing devil's advocate perhaps when the other appraiser went to the house the basement was dry. The realtor maybe learned a lesson from you and got a blow drier out. That is why I take interior photo's especially of basements dry or not a picture is worth a thousand words and the appraiser could stop all suits with one picture showing a dry basement at the time.

:oops: Ok was reading one of leeann's posts and just had her on my mind she is such a great gal :oops:
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
Thanks for confusing me with Lee Ann, that's a compliment!

Good advice about pix wet or dry. I never thought about it like that. Only thought about defending myself when something is there, not when it isn't there. Live and learn! (hopefully prior to litigation).
 
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