Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
I agree with your assessment. The one reason I was considering the lawsuit is because the builder said that the home was ready for appraisal and the flooring was not in. The appraiser stated that too much construction was going on for him to measure the "as-built" extra 600 sq. ft of home.
I just feel that I the builder would have waited 2 more weeks to allow the flooring to be installed, it would not have appraised short. Then when I filed a dispute to correct the sq. ft. error with as-built drawings--the builder would not allow the required time by the appraiser to complete the dispute.
Even the Harris Count Appraisal District Tax assessor had come by a few weeks prior to the bank appraiser and correctly appraised the home to include the as-built extra 600 sq. ft.
I just believe the builder forced me to initiate the appraisal before the home was ready and then did not allow the dispute to be resolved.
The appraiser is under contract with the Bank providing the loan. Can I sue the appraisal company?
Thanks for your assistance. It was what I expected to hear. The good news is that I planned for this contingency also. My loan was for 5% down--just in case the appraisal came in short. So, the only issue was that I could have kept 5% more in my pocket for upgrades after closing.