Another question...

What is the name of your state? TX

The house we bought (from my inlaws) was a fixer uper. Our inlaws verbally agreed to pay for and fix all the damage the house has (termite and water) if we buy it right away. They needed it out of their name for financial reasons. Anyway, we agreed to this but when we closed we had to sign an "as is" agreement. The mortgage company sent an appraiser out and gave him instructions to "ignore" any damage if it looks like it's being worked on. When we went to close on the home, the closer made a comment that implied she knew there was a verbal agreement between us and the sellers to fix the damage. Now from what I understand, the as is agreement is binding over the verbal agreement, but what I want to know is do I have a case against the mortgage company and/or appraisor who approved the home to be FHA quality? Needless to say the inlaws have fixed nothing and only paid for a small amout of the repairs.

No****************************..

[HomeGuru]

Originally Posted by CarolineJ

What is the name of your state? TX

The house we bought (from my inlaws) was a fixer uper. Our inlaws verbally agreed to pay for and fix all the damage the house has (termite and water) if we buy it right away. They needed it out of their name for financial reasons. Anyway, we agreed to this but when we closed we had to sign an "as is" agreement. The mortgage company sent an appraiser out and gave him instructions to "ignore" any damage if it looks like it's being worked on.

**A: that is in violation of the appraisers standards of practice.
******

When we went to close on the home, the closer made a comment that implied she knew there was a verbal agreement between us and the sellers to fix the damage. Now from what I understand, the as is agreement is binding over the verbal agreement, but what I want to know is do I have a case against the mortgage company and/or appraisor who approved the home to be FHA quality? Needless to say the inlaws have fixed nothing and only paid for a small amout of the repairs.

**A: what does FHA quality mean? Are you saying that you got an FHA loan and the appraisal was an FHA appraisal? If so, the appraiser is in very big trouble.

it was a FHA loan and appraisal. I'd hate to get him in trouble, but I've got to do SOMETHING to get my house fixed!

[HomeGuru]

File a written complaint with HUD.

Would that just get him in trouble or do you think it could lead to getting my house fixed?

Originally Posted by CarolineJ

Would that just get him in trouble or do you think it could lead to getting my house fixed?

Who gives a rat's ass? It's your home and it's their shady practice. Now honestly, whom do you think will get they ass handed to them?

Originally Posted by krispenstpeter

Who gives a rat's ass? It's your home and it's their shady practice. Now honestly, whom do you think will get they ass handed to them?

I knew about this deal before hand and was all for it since we were ready to buy and they were ready to sell. Besides, they are hubby's parents, right?! Now I realize it's one of the biggest mistakes of my life and is breaking my marriage apart. I'm not out to get anyone in trouble other than the sellers. Actually, I really don't want to get them in trouble, I just want my house fixed as I pay good $ for this place and it is almost unlivable!

Well then you have a decision to make. Either live in a house that is unlivable or file a complaint. you don't get to work both sides.

will "possibly" get something taken care of w/my house, I'll do it! If it will make no difference, I will NOT pursue it.

This is clearly fraud, and I'm sure not the first instance.

Even if you didn't benefit (which I would reasonably assume you would, based on your posts), don't you thing reporting such abuse of the US Housing Administration is the "right" thing to do?

Others might not be so lucky and every dollar wasted is made up by taxpayers...

[HomeGuru]

Originally Posted by CarolineJ

will "possibly" get something taken care of w/my house, I'll do it! If it will make no difference, I will NOT pursue it.

**A: if the appraiser did wrong, he/she could be fined and even serve jail time. Do more searching into FHA appraisal standards and the HomeBuyer Protection Plan. FHA appraisers must follow certain guidelines similar to being a home inspector. I could write pages and pages of advice for you on this issue but I want you to do your own investigation. Let us know what you discover.

I'm still in the early stages of researching those topics, but so far this is what I've found:

"The new standard -- which has NOT been adopted by either conventional lenders or the Veterans Administration -- requires that "all defects" must be found in an appraisal -- not a professional home inspection."

And as for the home buyers protection act, the two places I saw said it only applied to a newly built homes.

Anyway, I'll keep digging, but I don't have much time since I'm at work. Thanks!

[HomeGuru]

Originally Posted by CarolineJ

I'm still in the early stages of researching those topics, but so far this is what I've found:

"The new standard -- which has NOT been adopted by either conventional lenders or the Veterans Administration -- requires that "all defects" must be found in an appraisal -- not a professional home inspection."

And as for the home buyers protection act, the two places I saw said it only applied to a newly built homes.

Anyway, I'll keep digging, but I don't have much time since I'm at work. Thanks!

**A: Hint: do a search at [url]www.hud.gov[/url] or any major search engine "HUD Homebuyer Protection Plan" and FHA appraisal standards.

are appraisors required to carry E&O? Would this be where my claim would be filed? I'll keep reading, but that's my conclusion so far. The problem is that more than half the damage was not visible to the naked eye (furniture was put in it's place or sheetrock was covering it). The majority of it was from termites which they had a termite inspection done and they treated for it, but no one said anything about it being as bad as it was. We're still trying to figure out how the house was still standing since the entire frame on the back wall and parts of two of the side walls were completely eaten up!