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Old 05-16-2011, 01:31 PM
 
1 posts, read 1,051 times
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If your appraisal company was paid for a rush order appraisal and didn't deliver the needed information in time (took 5 days) which for loan vendor wasunable to underwrite loan and the closing date could not be be postponed, buyer lost house as well as the appraisal money. Could you take them to small claims for not doing the "rush" order as a rush?
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Old 05-16-2011, 02:07 PM
 
1,402 posts, read 3,515,126 times
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Depends what they consider "rush". 5 days might be a rush for them if their typical turn around time is 10 days.

Also I believe the mortgage company, not the buyer, is the "plaintiff" here. The appraisal was ordered by and done for them in order to underwrite the loan.
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Old 05-20-2011, 06:21 AM
 
Location: Florida/winter & Maine/Summer
1,180 posts, read 2,507,080 times
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Appraising is a tough business. Depending on how much property has been sold near your home, and comparable value, it could take 2 weeks, even as a rush. When I had to get an appraisal for a home, no homes like mine had been sold in my immediate area for over 6 months. The appraiser had to comb the area looking for homes similar to mine, in construction, square footage, location and lot size. This required quite a bit of legwork on his part. The best he could come up with was a couple of house 10+ miles from my home. He wrote in the appraisal that this was his best guess, and the figure was probably not 100% accurate. I was stunned, an appraisal that even the appraiser said was a best guess?

I have no idea if this was the case for your appraiser or not.
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