Real Estate Appraiser Rip-Off

[agagnon]

I live in Michigan and recently wanted to refinance my mortgage through a local bank. I was instructed that I would need to have a new appraisal done because the last one was too old. No problem!

I worked for the bank that I was going through at the time so I trusted that the mortgage representative that I was working with was using a reputable appraiser. I paid the appraiser his fee of $250 and was told that the appraisal would be completed within a week.

At the end of the week, I had not yet been notified that the appraisal was completed yet. I knew that the market was swamped due to the low interest rates so I waited until the end of the second week. By phone I learned of the appraisal value and was informed that the mortgage representative would be receiving the copy of the appraisal. The rep. never received the appraisal. I contacted the appraiser and he repeatedly claimed that he sent the appraisal to the rep.

After several weeks, I was notified that the appraisal let his license lapse and was no longer able to even give me a copy of the appraisal.

Is there any way I can hold the bank responsible for the cost of the appraisal?

Are there any grounds for filing a complaint against the appraiser for not submitting the copy of the appraisal to me?

I was the one who paid for it, why would the original have to go directly to the bank?

I would appreciate any advice in this matter. I'm even more angry now that the interest rate has risen and I cannot take advantage of the lower rate because of the appraiser.

 

[Ashley L]

bad appraiser

as before i enter my disclaimer, I am not an attorney, I am infact a broker owner in wisconsin and state laws may very, therefore information I give should not be treated as such legal advice.

you do have several issues here.
who ordered the appraisal, you or the bank ?
either way you both should of gotten copys.
I don't belive you can hold the bank liable for an appraiser that didn't preform as he should have.

as far as the appraiser.
you should file a civil seut against him in small claims court.
second, you should notify your states dept of reg and licensing and file a complaint agains the appraiser, why?
if you do that, he may or may not get his license back when he reapllies for it or it may get held until he satisfies this matter also, it may constitute some fines on him, depending on if he has other complaints filed against him.
you would more then likely sue for specific preformance/and damages.
hope this helps or points you in the right direction to go.