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Valentine_21477 | Can we keep buyer depost and sue appraiser? |
We sold our house about a month ago. The buyers were non-contingent. They have signed off on everything except the appraisal. Our house is 3133 square feet and county records show that. The appaiser says it is only 2864 square feet and did not measure the house. He is basing it off of comps in the neighborhood. We have an extra room that those homes don't have. The house appraised for the purchase price, but the buyers might back out because they think the house is smaller than what was listed because of what the appraiser is saying. Are we entitled to the buyers deposit? Can we sue the appraiser for giving out wrong information which resulted us in the loss of a sale? The market has dropped since we sold and there is no way we can come close to getting another offer like this.
Additional Details
Thanks to everyone who responded. It turns on the appraiser was WRONG. He came back, not very willingly, and admitted that he missed an entire room and not the room we thought. We are still trying to figure out how you can walk past this particular room and assume that it is not part of the house. The thing that irritates me the most is he claimed, I don't get paid to come back a second time. Well, if you do your job right the first time, you wouldn't have to come back. I know mistakes happen, but he was so adamant that he wasn't wrong, even when we were providing all the facts that he was. Sorry for the vent! This is a very stressful time. |
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Rohan C
 |
The buyer's mortgage company engaged the appraiser; so, the contract for the appraisal does not include you or the buyer. The appraiser has no duty to either you or the buyer. You will not be able to successfully sue the appraiser.
Seriously consider the following. I hope to save you the cost of a lawyer. If the house appraised for the purchase price, what kind of damages might you expect from the appraiser?
Although county records show your house has 3133 sf, it is subject to several possible errors. Unless the county appraiser actually put a measuring tape on your house, the county records may be wrong. The county appraiser may have relied on other public records, such as a building permit. The county appraiser may not have actually measured the building either.
When and if the sale of your home is in question, you need to actually determine the size of your home. You should do this through an independent, professional, such as an architect or engineer.
If the buyers made the sale contingent on the appraisal, the buyers can probably void the sale because the appraisal indicates the building is less than 3133 sf. They may void the sale on this contingency, not because the house is smaller, but because they realize the market has dropped off significantly in one month. (I doubt the market in your area has changed so dramatically, but it is possible.)
If the buyers retained the right to void based on the appraisal, then you are not entitled to the buyers' deposit. Why would you want to injure the buyers when it was the appraisal that resulted in the loss of the sale? Don't. It's immoral.
If you can show that the appraiser's 2864 is wrong, and can show that you requested the appraiser to amend the report, but were refused, you may be able to report the appraiser to your state's Appraiser Board. You can find a list of appraiser boards on the Appraisal Subcommittee's web site (below). Please make sure that you have some proof the appraiser is wrong and the appraiser has refused to correct the error before you file an ethics complaint. Not only is it wrong to do so, you may be setting yourself up for a lawsuit.
I hope you sell your house. It sounds like you are very worried. |
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gavsappraisals
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As a Licensed California Appraiser, I am requiered to measure the house to verify the square footage. If he did not measure, it is his fault. He should take in account everything on the property if it has a permit. If you have any other questions please visit your states appraisal foundation. Other legal adivice a lawyer can give you. |
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spot
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I think you're better off trying to prove to the buyer that the house is actually 3133 sq ft. Do you have a realtor? If you do, tell him to contact the buyer's realtor. If you don't have a realtor, it might get a little tacky, but, you do need to call either their realtor (if they have one) or the buyer. Tell them the square footage of the extra room was ignored and the appraiser should come out again and measure the room. However, since mortgage company is the one that pays for appraisal, it may not be possible. If that is the case, you could suggest that you would pay out of your pocket (it only should be a couple of hundred dollars) to have the same company come out to just measure the room, so the correct number will be on the paper. |
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howaboutit99@sbcglobal.net
 |
The appraiser is allowed 5 percent mistake, up or down,he missed yours by about 9 percent,report him to your state licensing board, It might have been something in it for him on the buyers side I am an x appraiser |
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guyotgirl
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Sounds like you need legal advice. Try a seach for "real estate lawyer" at http://www.great-personal-injury-lawyer.com
You can sue anyone for anything but only a lawyer can tell if you have a case worth pursuing. |
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bigrob
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Laws vary by state, you need a Real Estate attorney. You should be able to get a free consultation with them to see if your case has merit. If you are"injured" by the appraisers action and he is negligent in performing his duties it would seem like you might have a case against him and you might be able to keep the earnest money deposit also. You could where I live. |
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tazzz6413
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contact a local lawyer, a consultation is usually free. You normally will keep the deposit if it is based solely on the buyer changeing his mind though. Local markets vary. Your appraiser will most likely make up the difference or lose his liscense, depends again on your local law. |
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mjfedele
 |
The buyer's mortgage company engaged the appraiser; so, the contract for the appraisal does not include you or the buyer. The appraiser has no duty to either you or the buyer. You will not be able to successfully sue the appraiser.
Seriously consider the following. I hope to save you the cost of a lawyer. If the house appraised for the purchase price, what kind of damages might you expect from the appraiser?
Although county records show your house has 3133 sf, it is subject to several possible errors. Unless the county appraiser actually put a measuring tape on your house, the county records may be wrong. The county appraiser may have relied on other public records, such as a building permit. The county appraiser may not have actually measured the building either.
When and if the sale of your home is in question, you need to actually determine the size of your home. You should do this through an independent, professional, such as an architect or engineer.
If the buyers made the sale contingent on the appraisal, the buyers can probably void the sale because the appraisal indicates the building is less than 3133 sf. They may void the sale on this contingency, not because the house is smaller, but because they realize the market has dropped off significantly in one month. (I doubt the market in your area has changed so dramatically, but it is possible.)
If the buyers retained the right to void based on the appraisal, then you are not entitled to the buyers' deposit. Why would you want to injure the buyers when it was the appraisal that resulted in the loss of the sale? Don't. It's immoral.
If you can show that the appraiser's 2864 is wrong, and can show that you requested the appraiser to amend the report, but were refused, you may be able to report the appraiser to your state's Appraiser Board. You can find a list of appraiser boards on the Appraisal Subcommittee's web site (below). Please make sure that you have some proof the appraiser is wrong and the appraiser has refused to correct the error before you file an ethics complaint. Not only is it wrong to do so, you may be setting yourself up for a lawsuit.
I hope you sell your house. It sounds like you are very worried. |
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sambu
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measure it yourself first and then decide what to do. Don't hassle someone's life when they could be right. |
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satarnag
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get another appraisal or have the old appraiser come back and show him the extra room he missed. The buyer has no recourse unless you fradulently stated the square footage.
Regards |
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