Bad appraisal cost me $5k

We are selling our house and got a bad appraisal – the appraiser did not use the contract price on the appraisal. We ended up getting another appraisal on the condition that we lower our selling price by $5k in good faith. The 2nd appraisal came in $30k higher than the bad appraisal. In all we lost $5k on the deal – do we have any legal recourse?

Asked on July 6, 2009 under Real Estate Law, Georgia

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I'm not an expert real estate appraiser, and so I can't say that not using the contract price was malpractice or anything like that.  In a real estate market like this one, trying to prove that an appraisal was completely out of line might be difficult.  You should have an attorney in your area review all of the unique facts of this situation, for advice you can rely on.


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