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Samuel-II
Samuel-II, Lawyer
Category: Real Estate Law
Satisfied Customers: 27009
Experience:  real estate law
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I bought a house in 2006 as a 3 br that had sold in 2005 as

Customer Question

I bought a house in 2006 as a 3 br that had sold in 2005 as a 2 br and is now considered a 2 br and sunk in value. is my bank responsibe at all?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Samuel-II replied 5 months ago.

Hello

This is Samuel. I am unclear as to what happened? It sold in 2005 as a 2 bdrm and then when you bought it was deemed a 3 bdrm but now it is isn't appraising at a 3 bdrm. Why isn't it? How did you lose a bdrm?

Customer: replied 5 months ago.

they say it needs its own entrance to be a bedroom,and you have to go through a bedroom to get to the (3rd) bedroom, so technically its not a bedroom. it sold in 2005 for 28k. i bought it one year later for 60k. it now say s worth around 40 as a 2 br. is the bank liable for misleading or not getting the right info?

Expert:  Samuel-II replied 5 months ago.

Thank you. If the bank had an appraisal on the property and it was mortgaged based on the appraisal as a 3 bedroom, then yes I suggest the bank could bear some responsibility. I suggest, it would behoove you to at least consult with a local attorney to review all the documents, including the appraisal and what the bank was relying on when the mortgage was given.

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