My question involves real estate located in the State of: California
I had a weird situation occur - the appraiser issued an initial appraisal at $X which happened to be equal to what he (incorrectly) thought was the purchase price. However, $X was NOT the purchase price. It was actually $X+$20K. Noticing this, the mortgage broker asked him to correct the purchase price. In the revised report, the new appraisal was higher and matched the CORRECT purchase price (of $X+$20K). My broker explained that appraisers do not like to appraise over purchase price and as such it was important to have the correct purchase price. Having looked at the comps used in the report, I could see that the appraisal value of $X+$20K was entirely supportable.
In any case, based on this new appraisal, we moved forward with the loan. It's now 10 days later and closing disclosures have been issued. I am supposed to close in 3 days and I've released my loan contingency. Then, I get a call saying that the appraisal reverted back to the initial $X value when the lender asked why he had increased the value by $20K in the second report. He apparently stated that he had "inadvertently" valued the home at purchase price. As a result, we are now at a point where we need to move forward with a loan that's going to cost us nearly $4000 more in origination fees.
Is there a legal case here? I'm not sure how you inadvertently input the incorrect appraisal value (which is THE most important piece of information on the report) THREE times on a document.
Thanks.
I had a weird situation occur - the appraiser issued an initial appraisal at $X which happened to be equal to what he (incorrectly) thought was the purchase price. However, $X was NOT the purchase price. It was actually $X+$20K. Noticing this, the mortgage broker asked him to correct the purchase price. In the revised report, the new appraisal was higher and matched the CORRECT purchase price (of $X+$20K). My broker explained that appraisers do not like to appraise over purchase price and as such it was important to have the correct purchase price. Having looked at the comps used in the report, I could see that the appraisal value of $X+$20K was entirely supportable.
In any case, based on this new appraisal, we moved forward with the loan. It's now 10 days later and closing disclosures have been issued. I am supposed to close in 3 days and I've released my loan contingency. Then, I get a call saying that the appraisal reverted back to the initial $X value when the lender asked why he had increased the value by $20K in the second report. He apparently stated that he had "inadvertently" valued the home at purchase price. As a result, we are now at a point where we need to move forward with a loan that's going to cost us nearly $4000 more in origination fees.
Is there a legal case here? I'm not sure how you inadvertently input the incorrect appraisal value (which is THE most important piece of information on the report) THREE times on a document.
Thanks.
Mortgages: Appraiser Changed His Mind at Last Minute After Closing Disclosures Were Issued
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