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#1
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Incorrect AppraisalWhat is the name of your state? North Dakota We are purchasing a home and the appraiser that just appraised the property did it incorrectly. He says the house is smaller that it is. He said that the applicances are not included even though the purchase agreement that he has a copy of and included in the appraisal list's that the appliances are included. The seller has a copy of his original appraisal from 2 years ago and the recent appraiser has the house listed as much smaller than what the original appraiser did. The seller also measured and the appraisal that was just done is wrong. So as a result the appraisal came in lower than the purchase price. Do we the buyers, or the seller have any recourse against the appraisal company for this? Can we ask for another appraisal and specify the appraisal company we want? If we can get another appraisal, who is responsible for the cost? Thanks. |
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#2
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| Your first step is to provide evidence of the correct square footage to the appraiser (Does the Town have a record?) and point out that the appliances are included. He/She can then reconsider the value based on this information. |
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#3
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| And the mortgage lender chooses the appraiser not the applicant borrower. Last edited by HomeGuru; 05-11-2004 at 09:44 AM. |
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#4
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| I've had appraisers goof up transactions and it is a very simple fix. Just ask your Realtor to call the appraiser and calmly discuss the discrepencies. Then if the appraiser still will not budge on the value, you can renegotiate the sale with the seller. Have your Realtor prepare an Addendum with the new price if it is agreeable to all parties.
__________________ Many receive advice, few profit by it......Publilius Syrus |
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