Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Bad appraisal legal advice?

Thank you for any help you can give me on this. I am trying to refi my adjustable mortgage that has gone through the roof and causing a snowball effect on my finances so that I now have a very high debit ratio. I had a FHA refi already to go except the appraiser must have been drunk the day he did it because he messed it up. From small things not marked right and missing to even being off over 300 ft of the sq footage of my house. He not only came in 20% lower than my tax rate but 10% lower than what I owe on the house. Of course this ruined that loan. Since then more bad luck of my new lender getting in trouble with FHA and my file restarted for a 3rd time in as many months. Now my credit score has dropped 150 points from May and I most likely am not getting the refi. This is going to cost me my home not to mention my marriage due to the stress. All this due to a bad appraiser. Do I have any legal recourse on the guy that can not even measure a wall? I live in Illinois.

5 Answers

  • 1 decade ago
    Best Answer

    There are two types of bad appraisers: incompetent and fraudulent. It sounds like you have a case of imcompetency. You can file a complaint with you state board that relugates appraisal, if you can prove he was in error (by having one or two other appraisals to the contrary). By the way, a contradiction to the tax assessment is not a sign of a bad appraisal. And your market may have declined since your purchase, putting you in a negative equity position. The price of real estate changes every day.

    The appraiser is not the one who killed your deal. Each state has thousands of appraisers. If you are not convinced of the professionalism and performance of the first appraiser, use another.

  • 1 decade ago

    Not really, you could file a complaint with your division of real estate, but will that help your situation? Well maybe he wouldn't be able to mess up any more lives. It doesn't sound like you have very professional people working for you. Good Luck.

  • 1 decade ago

    No. The consequential damages which you appear to seek will not be addressed by a claim of a bad appraisal. The best you could hope for is a full refund of the charge for his services.

  • Anonymous
    1 decade ago

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    Good luck

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  • 1 decade ago

    Hiring a lawyer for minor legal problems can be expensive, but there are websites like LawGuru, FindLaw and other places where you can get free legal advice.

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