My realestate appraiser was wrong...and could possible cause us a great financial loss... can I sue?

Question

Because we are moving for a job, and the company is working with a relocation company, an independent appraiser was asked to appraise our house. the appraiser did not use comparable comps and did not have accurate information or square footage. In addition, we are fronted the equity to invest in our new house but because our our apprasial we don't recieve the full equity amount. (We are talking a $100,000 difference)..... This has caused us major distress, and we might need to back out of our new house....so confused.

Answer 1

yes, u can sue but the burden of proof lies on you to *prove* that she didnt use comps to compare with other homes and thus was neglient.

Answer 2

To sue could be a big waste of time and money. It will depend so ask a lawyer.

What stage are you in when it comes to the overall process?

Any reason you can not get a second opinion from a different appraiser? The first one might not be 'wrong' as much as they just have a different view of the property. Mistakes on the square footage can be an issue but are also not that uncommon.

If there are specific mistakes and they are easy to fix see if the appraiser will amend the appraisal to reflect the correct information.

Answer 3

you can if you can prove that the appraiser was negligent. Be careful. It may not be worth the time or money. Would you rather spend 7k on a lawyer or 350 to hire a different appraiser? In some cases, the lenders sometimes actually asks us to give two or three appraisals to prove the "real market value". You can also ask your broker to shop for an appraiser for you instead. They have relationships with appraisers that can meet the desired values are are already approved with several lenders... good luck!

Answer 4

You need to show proof that the Appraiser was negligence in his work, e.g. wrong footage, etc.. Get a second professional opinion to support your case. And Yes you can sue him/her not only for the equity amount differences but also the inconvenience of having to back-out of your new house deal.

Answer 5

I would get a second appraisal. I would also be careful of what lender you are using and if this is their appraiser. Ameriquest was FAMOUS for having their appraisers inflate value on the orig deal and so when it came time to sell or refi, the poor borrower was buried and could not get a true value.

Answer 6

Seek legal consul. Appraisers carry errors and omissions insurance in the event they get sued in these circumstances.

Answer 7

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