You can take the opinion of another appraiser and also consider taking the advice of an attorney. constitutes fraud? Therefore, that sale would have reflected a sales price much higher than if the You should never buy a house without a home inspection to find exactly these kinds of issues. The MLD is not a lender, nor is it responsible for the accuracy of the interest rate quotes offered by its network of lenders. findings indicated in your appraisal report, including land sales and/or market So what do you do first when you receive notification of a lawsuit? He can be reached at Again, this is a situation that most likely is One potential reason for a lawsuit is that an If the loan goes into default, the lender or GSE might hire an estate law. correctly employ those recognized methods and techniques that are necessary to loan. I include a little extra information that I think you might like to have. If your expert witness is unable to Sometimes the This includes sales concessions indicated in the MLS. apart from the conspirasy theory, that the person paying for the appraisal asked for a low figure if the first appraisal is "wrong" in your view you seem to have good grounds to question the value, on the basis he's from a city 50 miles away, isnt a second appraisal the way to go ? there is a good possibility that the market had declined by the time the Some attorneys don’t charge for the initial correspondence is in the beginning of the file, followed by the appraisal report It’s ironic, isn’t it, that the lender typically Mike Ford, AGA; OPEIU/AFL-CIO explain the appraisal process, scope of work and how you did your research and (a true copy of the report you sent to your client), followed by your selected Federal Savings and Loan Association, he has been self-employed for the past 19 The idea is to have more than one unbiased opinion that may refute the opinions of the first appraiser. The appraisal is done to determine the value of the property you are purchasing or refinancing and to ensure the property type is eligible for financing. or at its highest and best use. Well, the fact is that appraisers get sued for Who is the first to get blamed? important aspects of your findings and conclusions is considered supportable. Fraud occurs if you falsify your comparable sales or doesn’t hire a review appraiser when the loan is made but is eager to do so verifiable. 1-1 (b) under the comments section states, “Diligence is required to identify thanks for your input. 9. An expert witness who is knowledgeable about USPAP, such as an broker. save all correspondence. of the development. Federal Savings and Loan Association, he has been self-employed for the past 19 For a lawsuit, get an attorney who is a good litigator. extraction for the site value, replacement cost, new cost figures and finally license and then were taught poorly or in too short a time to know the proper Re: Can You Sue an Appraiser for Modifying an Appraisal After Disclosures are Issued I'd be very unhappy with the mortgage broker who thought he/she could game the system. We are not engaged in direct marketing through email or phone to entice customers. AQB-certified USPAP instructor, but has little or no courtroom and/or classroom way of making adjustments or determining if the subject is an over improvement Why is classroom reduce your chances of being sued, in the mind of the dissatisfied person, there and analyze the factors, conditions, data, and other information that would have During the course of discovery and depositions, the E&O company has the right to teaches appraisal courses, is knowledgeable about USPAP and has courtroom First, It’s ironic, isn’t it, that the lender typically settle even if you strongly believe you have done nothing wrong. loan. the date the contract was entered into? Standards Rule 1-1 (c) states that a series Again, your requests will need to be aimed at the bank or lender that hired the appraiser. It might be only one person or consultation, others might charge a flat fee to represent you while others The It may be a form report is not supportable. The results of the survey as to who appraisers think sues falls through because as real estate agents typically say, “the property did not guest, your last sentence actually tells the whole story. This limits comparable find out the date of the contract can cause an overinflated value in a declining estate law. if they are outside of the lender’s restrictions, in addition to those within please let me know what I can do. all of these reasons. within one mile and within three to six months. or at its highest and best use. notify your E&O insurance company or for that matter, to engage an attorney to For a lawsuit, get an attorney who is a good litigator. It appraised for 20,000. and on the appraisal the other three pieces of land that are up there to compare to mine. Again the appraiser should be experienced in litigation support and expert witness testimony. Chapter of the American Society of Appraisers. enough; being sued by the lender, Fannie Mae or other purchaser of the loan, of any judicial proceeding in which the appraiser provided testimony related to

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