Mike
New York,#2Consumer Comment
Thu, March 26, 2009
Please, someone correct me if I am wrong, but I dont think a home appraiser would even be able to identify problems they way they were covered up as you described, only a home inspector would (which borrowers typically hire before agreeing to purchase a home). I think an appraiser is mostly concerned with the appearance of the property, comparing it to similarly valued properties that have sold in the area, and maybe taking a few pictures of what the property look like. Did you hire a home inspector? If so, did THEY miss these problems too? Also, I think WF hires appraisers like they do any other service company, you were the one who paid for it. Did you have any recourse with the Appraisal company? After all, you typically pay the money for the appraisal when you closed on the loan (see your HUD1 statement). Also, I would say that if you believe the arbitraitor was untruthful about their relationship with the previous owner or realtor, I dont know if it would be legaly binding, especially if they committed fraud.